HSBC MF enters Rs 1-trn AUM club; Sebi NSDL IPO in abeyance

HSBC MF enters the Rs. 1-trn AUM club

The mutual fund (MF) industry now has fourteen fund houses with assets under management (AUM) of over Rs. 1-trillion with HSBC MF becoming the latest entrant to the club, according to a release by the fund house.

Active debt schemes account for 45 per cent of the total assets for the AMC with equity, hybrid, passive and international funds accounting for the rest.

HSBC MF acquired L&T MF in 2022, leading to a multifold rise in its AUM. At the time of acquisition, L&T MF had an AUM of around Rs. 71,000 crore. 

Union AMC appoints Harshad Patwardhan as CIO

Union Asset Management Company (AMC) has appointed Harshad Patwardhan as the Chief Investment Officer (CIO), almost seven months after the departure of the previous CIO Vinay Paharia. Patwardhan has previously headed JPMorgan Asset Management's offshore India equity investment team and served as the CIO of Edelweiss AMC. In the past seven months, Hardick Bora and Sanjay Bembalkar were co-heading the equity investment team at the AMC.

Sebi puts NSDL IPO in abeyance

Market regulator Sebi has placed the proposed initial public offering of the National Securities Depository (NSDL) in abeyance. NSDL, the country’s largest depository, had filed its draft red herring prospectus with Sebi on July 7. Investment bankers said the regulator puts any IPO on hold if there is pending regulatory investigation or if information sought from the company or other regulatory bodies is not received on time. Through NSDL’s IPO, IDBI Bank, NSE and Union Bank are looking to pare their holdings. NSDL will not issue any fresh shares in the IPO.