HSBC buys India L&T’s mutual fund arm

Growth strategy: A man walks past a HSBC bank branch in London. HSBC is looking to make three or four bolt-on acquisitions of around US$500mil (RM2.09bil) each. — Reuters

LONDON: HSBC Holdings Plc has said it will buy the investment management unit of India’s L&T Finance Holdings Ltd, the latest push to build up the Asian wealth and investment business that is at the forefront of the bank’s turnaround plans.

The London-headquartered lender said it had agreed terms to acquire L&T Investment Management (LTIM), which had looked destined to be bought by Blackstone Inc after the United States fund management group was reported to be exploring a bid.