TT&A advised HSBC on its acquisition of L&T’s mutual fund business. The transaction completed on 25 November 2022, after all requisite regulatory approvals (notably SEBI and CCI) were obtained. 

The deal involved:

• the acquisition by HSBC Asset Management (India) Pvt Ltd of 100% of L&T Investment Manager Limited, the asset management company of the L&T Mutual Fund from L&T Financial Services Limited, the sponsor of the L&T Mutual Fund;
• transfer of the mutual fund schemes operated by the L&T Mutual Fund (the “L&T MF Schemes”) to the HSBC Mutual Fund together with  the merger/consolidation between certain mutual fund schemes of the HSBC Mutual Fund and the L&T MF Schemes for compliance with SEBI fund categorization requirements; and
• the corresponding change in sponsorship, trusteeship, management, and administration of the L&T MF Schemes

TT&A Corporate Team: Kunal Thakore – Joint Managing Partner; Neville Golwalla – Partner; Gayatri Chadha – Managing Associate;

TT&A Competition Team: Shubhang Joshi – Managing Associate; Dhruv Dikshit – Senior Associate