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Will L&T Mutual Fund’s acquisition inject fresh life into HSBC India MF? Its co-CEO weighs in

In November 2022, HSBC Mutual Fund, one of the handful of foreign asset management companies in India, announced that its takeover of L&T mutual fund is complete. That made bigger news than any of its mutual fund scheme ever did in the past many years, as HSBC India mutual fund’s performance has been ordinary. But newly-appointed co-CEO, Kailash Kulkarni has plans to localize this foreign fund house and do business, the India way.

January 10, 2023 / 02:30 PM IST
Kailash Kulkarni, Co-Chief Executive Officer, HSBC Mutual Fund

Kailash Kulkarni, Co-Chief Executive Officer, HSBC Mutual Fund

In November 2022, HSBC Mutual Fund completed the acquisition of L&T Mutual Fund, making the combined entity the 14th biggest asset management company (AMC) in India, with assets under management (AUM) of Rs 85,839 crore at the end of December 2022.

HSBC Mutual Fund has absorbed the entire team of L&T Mutual Fund, and the CEOs of the two fund houses — Kailash Kulkarni and Ravindran Menon — have been designated co-CEOs of the combined entity.

With insipid performance, the going has been tough for HSBC Mutual Fund for the past many years. The fund house appeared to be in the throes of an existential crisis. Will this acquisition be enough to inject life into the fund house?

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