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A man walks past the Larsen and Toubro (L&T) head office in Mumbai, India, September 2, 2021. REUTERS/Francis Mascarenhas

Talwar Thakore & Associates (TT&A) has advised HSBC Asset Management Company on its $425 million acquisition of the mutual fund arm of India’s L&T Finance, which was represented by Cyril Amarchand Mangaldas.

According to Reuters, HSBC is ploughing $3.5 billion into its wealth and personal banking business – including asset management – to become Asia's top wealth manager by 2025.

Asia is the biggest region for HSBC, and the wealth and personal banking unit contributed 44 percent or $22 billion to the London-headquartered lender's adjusted global revenue last year, Reuters added.

The TT&A team was led by partners Kunal Thakore and Shruti Zota, while partners Dhruv Singhal and Anindita Bhowmik led the CAM team.