PTI reported that L&T Finance, a part of diversified group Larsen & Toubro, has completed the acquisition of Fidelity's mutual fund business in India for an undisclosed amount.
A company statement said that on completion of this transaction, the all new L&T Mutual Fund has over INR 12,800 crore in managed assets and an investor base of close to 9.5 lakh investors from more than 200 cities and towns.
Mr YM Deosthalee CMD of L&T Finance Holdings said that "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."
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 Mr SN Lahiri as Head Equities, Mr Shriram Ramanathan as Head Fixed Income and has enhanced its research team in order to increase coverage.
Mr N Sivaraman President and whole time director of L&T Finance Holdings said that "Over the last few months, we focused on a seamless transition and adding high quality talent to our investments team and other areas."
However, 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.
