L & T Mutual Fund’s AUM jumps from Rs 3,842 crore in September 2012 to Rs12,800 crore. The AMC will be catering to around 9.5 lakh investors from 200 cities and towns.
“The decision to acquire Fidelity’s mutual fund business in India was made with an aim to become the best value provider of investment solutions across asset classes. With this acquisition, our fund suite spans the whole range of investment opportunities – equity, fixed income, hybrid, domestic and international funds – and moves us closer to becoming one of the country’s leading and admired asset management companies.We now have a high quality business that combines best-in-class practices, a strong domestic brand, market knowledge and a proven performance track record,” said Y.M.Deosthalee, Chairman & Managing Director, L&T Finance Holdings.
The fund house will now be offering 25 funds, amongst which few popular funds are L&T Tax Advantage Fund, L&T Equity Fund, L&T India Large Cap Fund, L&T Triple Ace Bond Fund, L&T India Special Situations Fund and the L&T Global Real Assets Fund, which feeds into Fidelity’s Luxembourg-based SICAV – Fidelity Funds Global Real Asset Securities Fund.
“The comprehensive fund range, proven track record, geographical reach, our commitment to distributor training and investor education, and the support of our investors provides an opportunity to take the All New L&T Mutual Fund to the next level. We have significantly enhanced our capabilities in all areas including equity and debt fund management, operations and customer service,” said Ashu Suyash, CEO, L&T Mutual Fund.
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