L&T Finance, a subsidiary of L&T Finance Holdings, has agreed to acquire FIL Fund Management and FIL Trustee Company. Both companies handle Fidelity’s mutual fund business in India.
Once the sale is complete, L&T Finance will take over the sponsorship, trusteeship and management of the schemes of Fidelity Mutual Fund. Fidelity Asset Management Company, incorporated in 2004, manages the 15th largest mutual fund in India with a market share of 1.3%.
With this purchase, L&T Finance will manage the 13th largest fund in India and the 10th largest in terms of equity assets.
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