SummaryThe scheme sale would mean Morgan Stanley would retain its mutual fund licence and will be able to continue its offshore business.
HDFC Mutual Fund on Monday said that it will acquire all the schemes of Morgan Stanley MF in India.
For the three months to September 30, the average combined assets under management of the eight schemes stood at Rs 3,290 crore, the company said in a statement.
HDFC MF, on the other hand, had assets of over Rs 1 lakh crore at the end of September, making it the largest fund house in terms of the assets it managed.
�HDFC Mutual Fund has acquired a portfolio of strong performing domestic mutual fund schemes from Morgan Stanley and this acquisition is another step towards expanding our mutual fund customer base. We look forward to welcoming the investors in the eight schemes of Morgan Stanley Mutual Fund into the HDFC family,� said Milind Barve, managing director, HDFC Asset Management Company.
According to Barve, HDFC MF would especially benefit from the acquisition of Morgan Stanley MF�s equity assets. �We will be acquiring 4 lakh new customers, some of whom have been with the fund house for several years now,� he said, while refusing to divulge any numbers at which the scheme assets were valued.
The agreement is subject to regulatory approval, the fund house said. According to Barve, the firm had not yet decided whether Morgan Stanley MF�s schemes would be merged with existing schemes of HDFC MF or operate as standalone schemes under HDFC MF�s brand name.
The scheme sale would mean Morgan Stanley would retain its mutual fund licence and will be able to continue its offshore business. This is the second such deal this year as SBI MF had agreed to buy the schemes of Daiwa Asset Management in June. FE
Consolidation exercise
* HDFC MF has not yet decided whether Morgan MF�s schemes would be merged with existing schemes of itself
* This is the second such deal this year as SBI MF had agreed to buy the schemes of Daiwa Asset Management in June.
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