HSBC Asset Management Arm To Take Over L&T Mutual Fund For $425 Million

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HSBC Asset Management Arm will take over L&T Mutual Fund

Mumbai:

HSBC on Thursday announced that its asset management arm will acquire L&T Mutual Fund for $425 million or around Rs 3,192 crore.

L&T Finance Holdings (LTFH) and HSBC Asset Management (HSBC AMC) have entered into a definitive agreement under which HSBC will acquire 100 per cent equity shares of L&T Investment Management, according to a statement.

L&T Investment Management (LTIM), a wholly-owned subsidiary of L&T Finance Holdings, is the investment manager of L&T Mutual Fund.

L&T Finance Holdings will also be entitled to excess cash in LTIM until the completion of the acquisition, it said, adding that the transaction is subject to the requisite regulatory approvals.