L&T MF's acquisition of Fidelity's Indian business has now been completed - 8 months after the deal was first announced in end-March 2012. The all new L&T MF now opens its innings with a sizeable AuM of over Rs. 12,800 crores, a full product suite of equity and fixed income funds with healthy track records and a significantly strengthened team on the investments and the business side. Reproduced below is the press release from L&T Finance, about the completion of the transaction. Wealth Forum wishes the combined entity every success and many new milestones in the years ahead.

L&T Finance Limited has completed the acquisition of Fidelity's mutual fund business in India. This is among the largest M&A transactions in the Indian mutual fund industry and provides L&T with the necessary size, scale and momentum to move to the next level. On completion of this transaction, the All New L&T Mutual Fund has over Rs 12,800 crores in managed assets and an investor base of close to 9.5 lakh investors from more than 200 cities and towns.

The new entity will answer different customer needs with a well-differentiated range of investment options that spans 25 funds across asset classes, risk profiles and time horizons. These include funds with a proven track record such as the 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.

Mr. Y.M.Deosthalee, Chairman & Managing Director, L&T Finance Holdings, said, "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."

The mutual fund's investment philosophy centres around delivering consistent and superior long-term investment performance. Fundamental analysis is the core of the process: Stock selection is based on in-depth research. The fixed income investing process combines macro-economic factors and issuer selection based on credit analysis.

L&T Mutual Fund has strengthened its investments team. The AMC has appointed S.N. Lahiri as Head - Equities, Shriram Ramanathan as Head - Fixed Income and has enhanced its research team in order to increase coverage. "The new entity has five important pillars in place: people, processes, products, performance and presence. Over the last few months, we focused on a seamless transition and adding high quality talent to our investments team and other areas." said Mr. N.Sivaraman, President & Wholetime Director, L&T Finance Holdings.

Ashu Suyash, CEO, L&T Mutual Fund, added, "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. We aim to consistently deliver long term investment performance through a disciplined approach to investing, great customer experience through product innovation, technology and high service standards."