HSBC Mutual Fund receives SEBI approval to acquire L&T MF
HSBC Asset Management (India) has received approval from the Securities and Exchange Board of India (SEBI) to fully acquire L&T Investment Management Limited (LTIM), subject to certain conditions and approval. LTIM is a wholly-owned subsidiary of L&T Finance Holdings Limited (LTFH) and the investment manager of L&T Mutual Fund.According to AMFI data, L&T MF has average assets under management (AAUM) of Rs 717.03 billion and over 2.2millionn active folios as of September, 2022,
According to HSBC MF, upon completion of the acquisition, the schemes of the mutual funds operated by L&T Mutual Fund will be transferred to HSBC Mutual Fund or will be merged/ consolidated with identified schemes of the mutual fund of HSBC or vice-versa. The sponsorship, trusteeship, management, and administration of the L&T Mutual Fund will be correspondingly changed.
Post completion of the acquisition, HSBC will merge the operations of LTIM with that of its existing asset management business in India, which had AAUM of INR 136.2 bn (USD 1.66 bn) as of September 2022.
This story originally appeared on: India Times - Author:Tax Cognition
