L&T Mutual Fund
| ISIN | 🆔 |
|---|---|
| Industry | Mutual fund |
| Fate | Acquired by HSBC Holdings |
| Successor | HSBC Mutual Fund |
| Founded 📆 | 2010 |
| Founder 👔 | |
| Defunct | 2023 |
| Headquarters 🏙️ | Mumbai, Maharashtra, India |
Area served 🗺️ | |
| Total assets | ₹89,000 crore (US$12 billion) (2010)[1] |
| Members | |
Number of employees | |
| Parent | L&T Finance Holdings Limited |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
L&T Mutual Fund was an Indian mutual fund company that operated between 2010 and 2023.[2] The asset manager of its mutual fund schemes was L&T Investment Management Ltd, a wholly-owned subsidiary of Larsen & Toubro.[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
- Larsen & Toubro
- Mutual funds in India
References
- ↑ "Q&A: Sanjay Sinha, CEO, L&T Mutual Fund". business-standard.com. 2010-09-07. Retrieved 2011-08-22.
- ↑ "We are positive on IT & Infrastructure". The Hindu. 2010-10-12. Retrieved 2010-10-15.
- ↑ 3.0 3.1 "L&T Finance Holdings completes sale of L&T AMC". The Economic Times. 26 November 2022. Retrieved 11 July 2023.
- ↑ "L&T Mutual Fund ceases to exist as mutual fund: Sebi". The Times of India. 2023-04-10. ISSN 0971-8257. Retrieved 2023-05-27.
- ↑ "Acquisition of L&T Mutual Fund". www.assetmanagement.hsbc.co.in. Retrieved 2023-02-11.
- ↑ "HSBC AMC Acquires L&T Mutual Fund: How does it Impact Investors?". www.personalfn.com. Retrieved 2023-02-11.
External links
| Divisions & subsidiaries | |
|---|---|
| Former holdings | |
| People | |
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