After seven months of announcing the deal, L&T Finance Holdings has completed the acquisition of Fidelity's mutual fund business in India today. This marks one of the largest M&A deals in the country's mutual fund industry in recent past. Though the deal was inked for an undisclosed amount, company officials had pegged the deal at around Rs 550-600 crore.
Y M Deosthalee, chairman and managing director of L&T Holdings, said, "With this acquisition, our fund suite spans the whole range of investment opportunities and moves us closer to becoming one of the country's leading asset management companies."
With the completion of the transaction, L&T MF has over Rs 12,800 crore in managed assets and an investor base of close to 9.5 lakh from around 200 cities and towns.
Meanwhile, the fund house which has seen exits of several high level executives has Ashu Suyash as its new chief executive officer. The company also has appointed former S N Lahiri as head of equities. Prior to joining L&T, Lahiri was at Canara Robeco AMC.
"We have significantly enhanced our capabilities in all areas including equity and debt fund management, operations and customer service. We aim to consistently deliver long term investment performance through disciplined approach to investing," added Suyash.
