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