L&T Mutual Fund, today announced that Soumendra Nath Lahiri would take charge as its Head of Equity. Prior to this he was the Head of Equities at Canara Robeco Asset Management Company. He was also Chief Investment Officer - PMS at Emkay Investment Managers Limited , Chief Investment Officer at Fortuna Capital and also Co-Head - Equities with DSP Black Rock Investment Managers.
In March of this year, L&T Finance had acquired the India assets of Fidelity Mutual Fund. Lahiri will be the equity head of this merged entity once it gets all the required regulatory approvals.
Market regulator, Sebi, had given its nod for the merger this September. The completion of the sale will depend on when they will get approval for the revised product line up. A spokesperson with Fidelity said that they are expecting the approval shortly.
Depending on the approvals that they will get for the revised product line up, they will apply for approvals for employee transfers, said the spokesperson.
The merger is expected to be complementary to L&T MF's large-debt portfolio since Fidelity MF had 70 per cent of its assets in equity.
According to data with AMFI, L&T Mutual Fund’s assets under management for the quarter ended June 2012 was Rs 3,046 crore and Fidelity was Rs 7,378 crore.