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HSBC Mutual Fund has completed the acquisition of L&T Mutual Fund for a consideration of US$ 425 million.
Kailash Kulkarni and Ravi Menon will share joint responsibilities in leading HSBC MF as Co-CEOs. Venugopal Mangat is the Chief Investment Officer (Equity) and Sriram Ramanathan is the Chief Investment Officer (Fixed Income).
Ravi Menon, Co-CEO, HSBC said, “This acquisition is a significant marker of our growth and leadership ambitions. It provides us access across a wider geographic footprint in the country and a more comprehensive range of products to our customers. The synergies of the combined business will help us fortify our positioning in the Indian mutual fund industry, with diverse capabilities, expertise and a strong track record.”
Kailash Kulkarni, Co-CEO, HSBC MF said, “I’m delighted to be part of the HSBC family and look forward to being able to support our customers and distribution partners through enhanced product and distribution capabilities. These are exciting times as we look to chart a new trajectory of growth, leveraging the unique strengths of the combined business. The opportunities are vast and we look forward to building on the growth momentum, aligned to our growth aspirations.
