HDFC Mutual Fund has acquired its smaller rival Morgan Stanley Mutual Fund in India running a total of eight schemes.
The agreement is subject to regulatory approvals as required.
The average combined assets under management of the eight schemes for quarter ended September 30, 2013 was Rs. 3290 crores.
Mr. Milind Barve, Managing Director of HDFC Asset Management Company Limited 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 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.” .
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