HSBC Mutual Fund has acquired L&T Investment Management for a consideration of US $425 million. L&T Investment Management is a wholly-owned subsidiary of L&T Finance Holdings and the investment manager of L&T Mutual Fund. HSBC Mutual Fund will have in its product suite, schemes that are similar in nature to the L&T MF Schemes. Therefore, in order to:
1. avoid the existence of two similar schemes;
2. enable optimum utilization of resources;
3.present to the unitholders of HSBC MF Schemes and L&T MF Schemes, a simplified range of schemes and
4. comply with SEBl's scheme categorization circulars,
certain changes have been carried out to the L&T MF Schemes. So L&T mutual fund schemes will no longer exist as they will either be merged or transferred to HSBC Mutual Fund and renamed to HSBC.
Following are the details of merger of HSBC mutual fund schemes and L&T mutual fund schemes
Source: HSBC Website
Following HSBC mutual fund schemes will undergo changes to its fundamental attributes
Source: HSBC Website
Following L&T mutual fund schemes will undergo changes to their fundamental attributes, will form a part of HSBC Mutual Fund and reflect changes in name
Source: HSBC Website
Following L&T mutual fund schemes will be carried over by HSBC Mutual Fund and there will be no change in features of these L&T mutual fund schemes except undergoing a change of name
Source: HSBC Website
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