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E-mail ID will not be published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

  • The government might not get the timing right for its massive share sale plan

    A common thread binding the BJP’s first budget with the last three UPA budgets is the aggressive disinvestments targets set to mop up additional rev

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

Tushar Gandhi

Welfare must be humanitarian not political

We are a very political people. We politicise and corrupt ...

Purnendu Ghosh

How to distinguish a need from a want?

The day when the annual budget is announced is one ...

Shona Adhikari

Decades apart, yet a common ground in fine art

Today’s column is about two artists born many decades apart, ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture