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L&T Mutual Fund was an Indian mutual fund company that operated between 2010 and 2023.[2] The asset manager of its mutual fund schemes was L&T Investment Management Ltd, a wholly-owned subsidiary of Larsen & Toubro.[3]
| Industry | Mutual fund |
|---|---|
| Founded | 2010 |
| Defunct | 2023 |
| Fate | Acquired by HSBC Holdings |
| Successor | HSBC Mutual Fund |
| Headquarters | Mumbai, Maharashtra, India |
| Total assets | ₹89,000 crore (US$11 billion) (2010)[1] |
| Parent | L&T Finance Holdings Limited |
| Website | www |
In November 2022, L&T Finance Holdings sold the company to HSBC for ₹3,484 crore ($425 million). As a result, all mutual fund schemes of the company were merged into HSBC Mutual Fund.[3] In April 2023, L&T Mutual Fund surrendered its mutual fund registration and ceased operations.[4]
Acquisition
editL&T Finance Holdings, the parent company intended to focus more on its primary business of lending, therefore, it exited the fund management business. It was acquired by HSBC Holdings through its wholly owned subsidiary HSBC Asset Management (India) Pvt. Ltd.[5][6]
See also
editReferences
edit- ^ "Q&A: Sanjay Sinha, CEO, L&T Mutual Fund". business-standard.com. 7 September 2010. Retrieved 22 August 2011.
- ^ "We are positive on IT & Infrastructure". The Hindu. 12 October 2010. Retrieved 15 October 2010.
- ^ a b "L&T Finance Holdings completes sale of L&T AMC". The Economic Times. 26 November 2022. Retrieved 11 July 2023.
- ^ "L&T Mutual Fund ceases to exist as mutual fund: Sebi". The Times of India. 10 April 2023. ISSN 0971-8257. Retrieved 27 May 2023.
- ^ "Acquisition of L&T Mutual Fund". www.assetmanagement.hsbc.co.in. Retrieved 11 February 2023.
- ^ "HSBC AMC Acquires L&T Mutual Fund: How does it Impact Investors?". www.personalfn.com. Retrieved 11 February 2023.
External links
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