On December 23, 2021, HSBC Holdings plc announced that it will acquire L&T Investment Management Limited through its wholly-owned subsidiary HSBC Asset Management (India) Private Ltd.
Under the terms of the transaction, HSBC Asset Management (India) Private Ltd (“HSBC India”), an indirect wholly-owned subsidiary of HSBC Holdings plc (“HSBC”), will acquire L&T Investment Management Limited (“LTIM”) from L&T Finance Holdings Limited (“L&T”) for $425 million. Following the completion of the acquisition, and subject to regulatory approvals, HSBC plans to merge LTIM’s operations with those of HSBC India. Further terms were not disclosed.
HSBC, based in London, England, provides banking and services to clients worldwide. As of September 30, 2021, HSBC had approximately $2,969 billion in assets.
LTIM, based in Mumbai, India, is a mutual fund offering clients a distribution platform that encompasses banks, regional distributors, and independent financial advisors, and established digital platforms. As of September 2021, LTIM had approximately $10.8 billion in assets under management.
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