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HSBC AMC has received approval from SEBI to fully acquire L&T MF.
With this, the schemes of L&T Mutual Fund will be merged with the existing schemes of HSBC MF.
In a press release, HSBC said, “The proposed acquisition will be another milestone as HSBC delivers on its strategy of becoming a leading wealth manager in Asia. Strengthening HSBC’s asset management business in India will add to its ability to serve the wealth needs of its customers in India as well as those of its growing non-resident Indian customer base across the world.”
With average AUM of over 71,000 crore and over 2.2 million active folios as of September, 2022, L&T MF is currently the 14th largest mutual fund management company in India.
Post completion of the acquisition, HSBC will merge the operations of L&T MF with that of its existing asset management business in India with its existing assets of Rs.13,600 crore as on September 2022.
The combined average AUM of the new company will increase to Rs.85000 crore.
