HSBC Mutual Fund jumps 11 spots on assets tally after L&T AMC buy

The Rs 3,188-crore purchase validates 'our view on India', says fund house

The asset management industry has witnessed several foreign entities exiting India over the past few years. But HSBC Asset Management India — which is ranked 23rd in terms of average asset under management (AAUM) — is not only defying this trend but also planning to move up the ladder, starting with the acquisition of L&T Mutual Fund (MF).

HSBC Asset Management India (HSBC MF/AMC) on Thursday announced taking over India’s 12th largest fund house, L&T MF, for $425 million (around Rs 3,188 crore). According to market participants, this was one of the biggest deals in the Rs 38-trillion Indian MF industry.

Ravi