HDFC AMC is all set to acquire MF assets worth Rs. 3,290 crore from Morgan Stanley. The transaction will include 8 assets in all. HDFC currently holds assets worth Rs 1 lakh crore and is the leader in the Indian mutual fund industry.
Morgan Stanley has followed the footsteps of Fidelity, which sold out to L&T last year. This speaks about the stiffening competition in the mutual fund market. India currently has 44 mutual fund houses which are fighting it out against each other.