HSBC acquire India’s L&T mutual fund unit

LTIM is a wholly-owned subsidiary of LTFH and the investment manager of the L&T Mutual Fund

HSBC

HSBC acquire India’s L&T mutual fund unit. Source: shutterstock.com

HSBC Asset Management (India) Private Ltd has announced the acquisition of L&T Investment Management Limited (LTIM) for $425 million.

Strengthening HSBC’s asset management business in India is expected to add to its ability to serve the wealth needs of its customers in India as well as those of its growing non-resident Indian customer base globally.

With assets under management $10.8 billion and over 2.4 m active folios as of September 2021, LTIM is currently ranked as the 12th largest mutual fund management company in India.

LTIM reported a pre-tax profit of $25 million income of $46.9 million and costs of $21.9 million for the financial year ended March 2021.

LTIM offers a distribution platform, encompassing leading banks, regional distributors, over 50,000 independent financial advisers, established digital platforms and a footprint across 65 locations across India.

Following the completion of the acquisition, and subject to regulatory approvals, HSBC intends to merge the operations of LTIM with that of its existing asset management business in India, which had AUM of $1.6 billion as of September 2021.

[quotes id=”61c5aaf98223a”]

We’ve reported that ING to leave the retail banking market in France.

SEE ALSO: