HSBC Property Management Arm will take over L&T Mutual FundMumbai: HSBC on Thursday revealed that its asset management arm will get L&T Mutual Fund for $425 million or around Rs 3,192 crore.L-& T Financing Holdings (LTFH) and HSBC Asset Management (HSBC AMC) have entered into a conclusive arrangement under which HSBC will obtain 100 per cent equity shares of L&T Investment Management, according to a statement.L-& T Investment Management (LTIM), a wholly-owned subsidiary of L&T Finance Holdings, is the financial investment manager of L&T Mutual Fund.L-& T Finance Holdings will also be entitled to excess money in LTIM up until the conclusion of the acquisition, it stated, including that the deal is subject to the requisite regulative approvals.

This acquisition underscores our dedication to double down on our focus to grow our materially large franchise in India, HSBC India's Chief Executive Officer Hitendra Dave said.Dinanath Dubhashi, MD and CEO of L&T Financing Holdings, stated the deal remains in line with the strategic objective of unlocking value from subsidiaries to strengthen our balance sheet for the lending business.