CCI approves acquisition of L&T mutual fund business by HSBC AMC

There will also be a change in the sponsorship, trusteeship, management and administration of L&T Mutual Fund schemes managed by L&T AMC.

Business Today Desk

Mar 9, 2022,
Updated Mar 9, 2022 6:53 PM IST

The Competition Commission of India (CCI) on Wednesday approved acquisition of 100 per cent share capital of L&T Investment Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC). In December last year, L&T Finance Holdings had announced that it will divest its mutual fund business to HSBC AMC for $425 million. The CCI announced the clearance of proposal on Twitter.

As per the combination notice filed with CCI, the transaction relates to acquisition by HSBC AMC and its nominees of 100 per cent share capital of L&T AMC from L&T Finance Holdings Limited and its nominees. Simultaneously, there will be a change in the sponsorship, trusteeship, management and administration of L&T Mutual Fund schemes managed by L&T AMC, whereby the L&T MF schemes will be managed and operated by HSBC AMC and HSBC Trustee shall be appointed as the trustee of L&T MF, as per the notice. Pursuant to the proposed transaction, L&T MF will comprise part of and be considered to form an integral part of HSBC Mutual Fund schemes.
Also Read: HSBC AMC acquires L&T Finance's mutual fund business for $425 mn

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The Competition Commission of India (CCI) on Wednesday approved acquisition of 100 per cent share capital of L&T Investment Management Limited (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC). In December last year, L&T Finance Holdings had announced that it will divest its mutual fund business to HSBC AMC for $425 million. The CCI announced the clearance of proposal on Twitter.

As per the combination notice filed with CCI, the transaction relates to acquisition by HSBC AMC and its nominees of 100 per cent share capital of L&T AMC from L&T Finance Holdings Limited and its nominees. Simultaneously, there will be a change in the sponsorship, trusteeship, management and administration of L&T Mutual Fund schemes managed by L&T AMC, whereby the L&T MF schemes will be managed and operated by HSBC AMC and HSBC Trustee shall be appointed as the trustee of L&T MF, as per the notice. Pursuant to the proposed transaction, L&T MF will comprise part of and be considered to form an integral part of HSBC Mutual Fund schemes.
Also Read: HSBC AMC acquires L&T Finance's mutual fund business for $425 mn

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Also Read: Geopolitical uncertainties make green hydrogen adoption ever more relevant

CCI approves acquisition of L&T's mutual fund business by HSBC AMC

In December last year, L&T Finance Holdings had announced that it will divest its mutual fund business to HSBC AMC for $425 million.

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CCI approves acquisition of L&T's mutual fund business by HSBC AMC

In December last year, L&T Finance Holdings had announced that it will divest its mutual fund business to HSBC AMC for $425 million.

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