Deutsche Bank no longer has an asset management business in India after a Mumbai-based joint venture, part owned by Prudential Investment Management, finally wrapped up its acquisition this week.

DHFL Pramerica Asset Managers, owned by Prudential and housing finance firm Dewan, said on Tuesday it had completed its takeover.

The deal, first announced in August last year, marks the exit of yet another foreign fund manager from India's mutual fund industry.

Increasing redemptions, squeezed margins and fierce competition have been the main drivers behind the departures. 

Fidelity, Morgan Stanley, Goldman, ING and PineBridge Investments have all sold their local asset management businesses in recent years.

Kotak Mahindra Capital Management acquired the domestic schemes of PineBridge Mutual Fund while Dutch group ING sold its stake in ING Investment Management to Birla SunLife Mutual Fund.

In October last year, Reliance Capital agreed to acquire the mutual fund business of Goldman Sachs in India for about $37.5m in an all-cash deal.

Set-up in 2003, Deutsche Bank’s Indian investment operation had close to $4bn in combined assets under management. No financial terms were disclosed by Prudential.