HSBC Mutual Fund has acquired L&T Mutual Fund for Rs. 3,200 crore, L&T Finance Holdings said in a press release.
The merged fund house will retain most people from L&T Mutual Fund.
It will be one of the largest ever acquisitions by a foreign fund house in India.
"The transaction with HSBC is in line with our strategic objective of unlocking value from our subsidiaries which will help us to strengthen our balance sheet for our lending business," said Dinanath Dubhashi, Managing Director & CEO, L&T Finance Holdings.
As on September 2021, L&T Mutual Fund had AUM of Rs. 78,273 crore while HSBC Mutual Fund has assets of Rs.11,314 crore.
