On March 9, the Competition Commission of India (CCI) authorized HSBC Asset Management (India) Private Limited’s (HSBC AMC) purchase of the whole share capital of L&T Investment Management Limited (L&T AMC).
The CCI confirmed the approval of the request on Twitter.
Commission approves acquisition of 100% share capital of L&T Investment Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC) pic.twitter.com/ZYRodxLkyQ
— CCI (@CCI_India) March 9, 2022
The Commission has approved HSBC Asset Management (India) Private Limited’s (HSBC AMC) acquisition of a 100 percent stake in L&T Investment Management Limited (L&T AMC).
L&T Finance Holdings has said that it would sell its mutual fund business to HSBC AMC for $425 million in December 2021.
The transaction comprises HSBC AMC and its nominees acquiring 100 percent of L&T AMC’s share capital from L&T Finance Holdings Limited and its nominees.
Simultaneously, according to the announcement, the sponsorship, trusteeship, management, and administration of L&T Mutual Fund schemes handled by L&T AMC will shift, with HSBC AMC managing and running the L&T MF schemes and HSBC Trustee appointed as the trustee of L&T MF.
As a consequence of the proposed purchase, L&T MF will become a part of, and a significant component of, HSBC Mutual Fund schemes. The asset management body in charge of the day-to-day operation of HSBC Mutual Fund schemes is HSBC AMC (HSBC MF). It is in charge of managing money invested in HSBC MF that has been pooled together. HSBC AMC is a completely owned indirect subsidiary of HSBC Holdings PLC (HSBC Group) and a member of the HSBC Group.
