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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

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Chirag Madia Mumbai
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

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