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PGIM Holding to acquire London-based Wadhwani Asset Management

PGIM Holding Co. LLC, the $1 trillion global investment management business of Prudential Financial Inc., agreed to acquire London-based Wadhwani Asset Management LLP.

Upon deal closing, Wadhwani Asset Management will become part of QMA, the quantitative equity and global multi-asset solutions manager of PGIM Holding. However, the investment platforms of Wadhwani Asset Management and QMA will function independently of each other. Sushil Wadhwani, the founder of Wadhwani Asset Management, will continue in his role as chief investment officer.

The deal is expected to close in the first quarter of 2019.

As of Sept. 30, QMA managed $128.1 billion in assets.