Larsen & Toubro (L&T), the $8.5 billion technology, engineering and construction group with global operations, formally announced the launch of its asset management operations here on Monday.

L&T's Financial Services subsidiary, L&T Finance Limited (LTF), has completed the acquisition of DBS Cholamandalam Asset Management Company Limited (DCAM).

The AMC has been renamed L&T Investment Management Limited and the fund house has been renamed L&T Mutual Fund. The fund house with assets under management (AUM) of Rs. 2,634 crore (as on February 18, 2010), offers 18 schemes spread over equity, fixed income and liquid funds.

L&T plans to synergise with its existing financial services businesses and grow the asset management business. Y. M. Deosthalee, whole-time Director and Chief Financial Officer, L&T, said, “The complement of L&T's brand, established presence in financial services and an experienced team of professionals, will enable the establishment of a successful asset management business.”

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