HSBC, a British multinational investment bank and financial services holding company, completed the acquisition of L&T Investment Management, an investment manager, from L&T Finance Holdings, a well-diversified non-banking financial company, for $425m. "This transaction enhances the strength of our business in India and reinforces our status as one of Asia’s leading wealth managers. Combining LTIM with our existing Indian asset management business gives us the scale, reach and capabilities to capture some of the 15-20% annual asset management market growth expected in India over the next five years," Noel Quinn, HSBC CEO.