HSBC AMC to acquire L&T's investment management unit for ₹3,193 cr

HSBC Holdings' asset management arm has signed an agreement to fully acquire L&T Investment Management, a wholly-owned subsidiary of L&T Finance Holdings, for $425 million (₹3,193 crore). The proposed acquisition will be funded from existing resources, HSBC said. LTIM had assets under management of $10.8 billion (₹80,300 crore) and over 2.4 million active folios as of September, it added.