HDFC Mutual Fund is to acquire all the schemes of Morgan Stanley MF in India.
According to HDFC Asset Management Company managing director Milind Barve, HDFC MF will benefit from the acquisition of Morgan Stanley MF’s equity assets, which is currently worth INR32.9bn ($5.3m).
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Barve said 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 their mutual fund customer base.
"We look forward to welcoming the investors in the eight schemes of Morgan Stanley Mutual Fund into the HDFC family," Barve added.
"We will be acquiring 4 lakh new customers, some of whom have been with the fund house for several years now."
The purchase is expected to allow HDFC Mutual Fund to widen its gap with Reliance, the second biggest mutual fund house that has assets worth INR932.49bn ($1.5bn).
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