The Securities and Exchange Board of India (Sebi) has given its go-ahead to HSBC AMC’s acquisition of L&T Investment Managers.
The $425-million deal was first announced in December 2021 and received the Competition Commission of India’s (CCI) approval in March 2022. HSBC AMC said the mutual fund (MF) schemes currently operated by L&T MF will either be transferred to HSBC MF or merged with similar funds being operated by HSBC MF.
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.
Source: Business-Standard