These eight schemes add Rs. 3290 crore to HDFC MF’s corpus.
India’s largest fund house by assets – HDFC MF announced that it has bought eight schemes of Morgan Stanley Mutual Fund for an undisclosed sum.
The eight schemes managed Rs. 3290 crore as on September 30, 2013.
The agreement is subject to regulatory approvals, said a press release issued by HDFC MF.
Milind Barve, Managing Director of HDFC Asset Management Company Limited said, “HDFC Mutual Fund has acquired a portfolio of strong performing domestic mutual fund schemes from Morgan Stanley and this acquisition is another step towards expanding our mutual fund customer base. We look forward to welcoming the investors in the eight schemes of Morgan Stanley Mutual Fund into the HDFC family.”
HDFC Mutual Fund manages Rs. 1.03 lakh crore as on September 2013.
Morgan
Stanley ranked 27th in the 44 player mutual fund industry. The fund
house had started operations in India in 1993. The AMC incurred a loss of Rs 8 crore in FY2012-13 compared to a net loss of Rs 17 crore in FY2011-12.
Morgan Stanley had 400143 folios.
The industry has seen consolidation in the recent past. Last month, SBI Mutual Fund had bought four schemes of Daiwa MF.
