L&T Mutual Fund to buy Fidelity Mutual Fund India

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L&T Mutual Fund, the asset management arm of the L&T group, will buy Fidelity Mutual Fund in India for an undisclosed amount. For about two months now, US based Fidelity's management has been in talks with several bidders to sell its India fund management operation and L&T MF emerged as the winner although it was not the highest bidder, sources said. What tilted the deal in favour of L&T MF was its willingness to retain a large part of Fidelity MF's existing staff in India. This is L&T MF's second acquisition in the last two years, the first being the buyout of the mutual fund business of DBS Chola in January 2010.

Although the companies did not disclose the transaction value, sources said that the deal was valued at about Rs 550 crore, or about 6% of Fidelity's assets under management (AUM), which as of December 2011 was at about Rs 8,900 crore. Of the total AUM, about 70% is in equity assets while the balance is in debt.

The combined entity, with about Rs 13,000 crore in AUM, will be the 13th largest fund house in India and 10th in terms of equity assets.

As part of the deal, Fidelity's equity fund management team will work with L&T MF's team for a smooth transition, and move out to Fidelity's fold.

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