HDFC Mutual Fund has entered into an agreement to acquire all the eight schemes with assets worth around INR32.9bn ($532m) of Morgan Stanley Mutual Fund (MF)in India.
With the latest deal, Morgan Stanley becomes the second foreign company to exit Indian mutual fund industry after Fidelity Investment that offloaded its assets in March last year.
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The transaction is subject to necessary regulatory approvals.
HDFC Asset Management Company managing director Milind Barve told The Hindu that the company has acquired a portfolio of strong performing domestic mutual fund schemes from Morgan Stanley, and this acquisition is another step towards expanding its mutual fund customer base.
"We look forward to welcoming the investors in the eight schemes of Morgan Stanley Mutual Fund into the HDFC family. The schemes have strong fundamentals. It also has a good equity business," Barve added.
In May this year, Morgan Stanley divested its private wealth management business in India to Standard Chartered.
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