L&T Mutual Fund
IndustryMutual fund
Founded2010
Defunct2023
FateAcquired by HSBC Holdings
SuccessorHSBC Mutual Fund
HeadquartersMumbai, Maharashtra, India
Total assets₹89,000 crore (US$11 billion) (2010)[1]
ParentL&T Finance Holdings Limited
Websitewww.lntmf.com

L&T Mutual Fund was a mutual fund company in India.[2] The asset manager of its mutual fund schemes was L&T Investment Management Ltd, a wholly-owned subsidiary of L&T Finance Holdings.[3]

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

L&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

References

  1. ↑ "Q&A: Sanjay Sinha, CEO, L&T Mutual Fund". business-standard.com. 7 September 2010. Retrieved 22 August 2011.
  2. ↑ "We are positive on IT & Infrastructure". The Hindu. 12 October 2010. Retrieved 15 October 2010.
  3. 1 2 "L&T Finance Holdings completes sale of L&T AMC". The Economic Times. 26 November 2022. Retrieved 11 July 2023.
  4. ↑ "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.
  5. ↑ "Acquisition of L&T Mutual Fund". www.assetmanagement.hsbc.co.in. Retrieved 11 February 2023.
  6. ↑ "HSBC AMC Acquires L&T Mutual Fund: How does it Impact Investors?". www.personalfn.com. Retrieved 11 February 2023.
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