L&T Finance completes acquisition of Fidelity's Indian MF biz

L&T Finance, a part of diversified group Larsen & Toubro, today said it has completed the acquisition of Fidelity's mutual fund business in India for an undisclosed amount.

On completion of this transaction, the all new L&T Mutual Fund has over Rs 12,800 crore in managed assets and an investor base of close to 9.5 lakh investors from more than 200 cities and towns, a company statement said.

"With this acquisition, our fund suite spans the whole range of investment opportunities - equity, fixed income, hybrid, domestic and international funds - and moves us closer to becoming one of the country's leading and admired asset management companies," L&T Finance Holdings Chairman & Managing Director Y M Deosthalee said.

This transaction is among one of the largest M&A deals in the Indian mutual fund industry and provides L&T with the necessary size, scale and momentum to move to the next level.

L&T Mutual Fund has recently strengthened its investments team. The AMC has appointed S N Lahiri as Head - Equities, Shriram Ramanathan as Head - Fixed Income and has enhanced its research team in order to increase coverage.

"Over the last few months, we focused on a seamless transition and adding high quality talent to our investments team and other areas," L&T Finance Holdings President & Wholetime Director N Sivaraman said.

The new entity will answer different customer needs with a range of investment options spanning 25 funds across asset classes, risk profiles and time horizons.

In March, L&T Finance had announced that it will take over the mutual fund business of Fidelity of its India operations. But, it did not disclose the financial details.

L&T Finance is a part of engineering conglomerate L&T Group and Fidelity Mutual Fund is part of the US-based Fidelity Worldwide Investment.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Kerala, god’s own country, will always be free spirited

    Candy is dandy, but liquor is quicker,” the celebrated American poet Ogden Nash had once said famously.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

<b>Riskfactor</b>:The over-the-top effect effect

The overconfidence effect is a bias in which someone’s subjective ...

Parvez Imam

The absoluteness in representations

When a representation replaces the original object or subject, a ...

Dharmendra Khandal

Religion and conservation must go hand in hand

In 1986, former president of WWF International, HRH Prince Philip, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture