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HSBC receives SEBI approval to acquire L&T investment management
October 12, 2022
Upon the completion of the acquisition, the mutual fund schemes operated by L&T Mutual Fund will be transferred to HSBC Mutual Fund or will be consolidated with identified mutual fund schemes of HSBC. “The sponsorship, trusteeship, management, and administration of the L&T Mutual Fund shall be correspondingly changed,” stated HSBC in a statement.
After the acquisition, HSBC will merge the operations of LTIM with that of its existing asset management business in India, which had AAUM of $1.66 billion as of September.
The company called the acquisition a milestone as HSBC aims to become a leading wealth manager in Asia. It said that strengthening HSBC’s asset management business in India will add to its ability to serve the wealth needs of customers in the country as well as of non-resident Indians across the world.
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