MUMBAI: Larsen & Toubro (L&T), the $8.5 billion technology, engineering and construction group, formally announced the launch of its asset management operations today.

L&T Finance, L&T's financial services subsidiary, has completed the acquisition of DBS Cholamandalam Asset Management Company (DCAM) on receipt of regulatory approvals and completion of exit option to be provided to the investors in the various schemes of DBS-Chola Mutual Fund.

The AMC has been renamed L&T Investment Management, 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 18 Feb 2010), offers 18 schemes spread over equity, fixed income and liquid funds.

Y M Deosthalee, wholetime director & 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...we are keen to provide a suite of products that would be attractive to both retail investors and corporates."

Sanjay Sinha, chief executive officer (CEO), L&T Mutual Fund, said: "Most of our existing investors have decided to retain their investments with us. It would be our endeavour to offer the best solutions in the mutual fund industry under the able management of L&T."