HSBC has agreed to buy the Indian mutual funds business of L&T Finance for $425m as part of efforts to build its wealth management business in Asia. HSBC plans to merge the mutual funds business with its existing asset-management operations in India, which had $1.6bn assets under management as of end-September. The UK based lender has also been looking to grow its Asian wealth management and insurance operations through acquisitions in Asia. The acquisitions demonstrate “our commitment to capturing the Asia wealth opportunity,” HSBC chief executive Noel Quinn said. READ Can Spacs conquer the world of wealth management?

Source: Wall Street Journal December 24, 2021 12:49 UTC