SEBI approves HSBC acquisition of L&T Investment Management’s Mutual Fund business

Tags: Economy/Finance

The Capital market regulator Securities Exchange Board of India (SEBI) approved the acquisition of the L&T Investment Management by the HSBC Asset Management (India) on 11 October 2022. 

In December 2021 , HSBC Asset Management announced the deal to acquire 100% stake in the L&T Investment Management ,  a wholly owned subsidiary of the L&T Finance Holding for  $425 million (about ₹3,187 crore) .  L&T Investment Management manages the mutual fund business of L&T.

HSBC Asset Management (India) is a subsidiary of the HSBC Holding Company (United Kingdom) and manages its mutual fund and other wealth management business in India.

Now L&T Mutual fund business will be merged with the HSBC mutual fund business.

Mutual Funds are launched by an Asset Management Company. Mutual Fund pools the savings of the public and invest in the capital market or money market. 

HSBC 

It was earlier called Hong Kong and Shanghai Banking Corporation.

It is a British bank which was set up in 1865 in Hong Kong. 

However the headquarters of HSBC is in London, Britain.

It is registered as a Foreign Bank in India with its headquarters in Mumbai.

Chief Executive Officer of HSBC India Operation: Hitendra Dave

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