Two people with direct knowledge of the matter said that HSBC Mutual Fund would absorb the entire team from L&T Mutual Fund, which it acquired last month.

The British bank’s Indian asset management unit has introduced a new management structure, with its current head, Ravi Menon and L&T Mutual’s Kailash Kulkarni set to serve as co-chief executives, the people said. Kulkarni was the CEO of L&T Mutual.

The former head of L&T Mutual will run the investment team – both equity and debt. The equity team of the combined entity will be led by Venugopal Manghat, who will now serve as Chief Investment Officer (CIO). They said that Shriram Ramanathan, head of fixed income at L&T Mutual, will serve as a chief information officer for the new entity’s fixed income business.

The combined entity, which received regulatory approval last month, will have a team of about 450 people. The fund management team currently has 26 fund managers, analysts and traders.