HSBC Securities and Capital Markets (India) Private Limited (HSCI), the sponsor of HSBC Mutual Fund, along with HSBC Asset Management (India) Private Limited (HSBC AMC) and the Board of Trustees of HSBC Mutual Fund (HSBC Trustees), have entered into a transfer agreement with L&T Investment Management Limited (L&T AMC), L&T Mutual Fund Trustee Limited, and L&T Finance Holdings Limited (L&T Sponsor), which includes the change of sponsorship, trusteeship, management, and administration of L&T Mutual Fund Schemes.
As per the agreement, HSCI will become the sponsor, HSBC Trustees will become the trustee, and HSBC AMC reserves the rights to manage, operate and administer the L&T MF Schemes as part of the HSBC Mutual Fund.
The agreement also involves the merger or consolidation of selected L&T MF Schemes with selected HSBC Mutual Fund Schemes, along with the acquisition of the entire share capital of L&T AMC by HSBC AMC and its nominees. The Securities and Exchange Board of India has granted their no-objection to this proposed transaction.
Merger of HSBC Mutual Fund and L&T Mutual Fund Scheme