HSBC Asset Management Company completes acquisition of L&T Mutual Fund

HSBC Asset Management Company (AMC) has completed the acquisition of L&T Investment Management. In a filing with exchanges on Friday, L&T Finance Holdings said it has received Rs 3,485 crore from HSBC AMC as sale proceeds. 

Meanwhile, HSBC Mutual Fund has informed investors that they will not be able to access its website or make online transactions through it till Monday November 28 on account of the acquisition of L&T Mutual Fund.

The $425-million deal was first announced in December 2021 and received the Securities and Exchange Board of India's (Sebi) approval in October this year.

Going by the second quarter assets under management (AUM) of both fund houses, the merger will make HSBC MF the 14th largest fund house in India by AUM.

The combined AUM of two fund houses stood at Rs 85,000 crore in the previous quarter.