L&T Finance to acquire mutual fund business of Fidelity in India

MUMBAI: L&T Finance, a part of diversified group Larsen & Toubro, today said it will acquire the mutual fund business of Fidelity in India for an undisclosed amount.

It has executed definitive agreements to acquire the companies -- FIL Fund Management Pvt Ltd (Fidelity AMC) & FIL Trustee Company Pvt Ltd -- carrying on the mutual fund business of Fidelity in India subject to regulatory approvals, L&T Finance said in a filing to the BSE.

Fidelity AMC, incorporated in 2004, manages the 15th largest mutual fund in India with a market share of 1.3 per cent and an average asset under management (AUM) for the quarter ended December 2011 of Rs 8,881 crore.

Fidelity Mutual Fund is part of the US-based Fidelity Worldwide Investment, a global leader in asset management, providing investment products and services to individuals and institutions in the UK, continental Europe, the Middle East and Asia Pacific.