IndusInd
International Holdings and Invesco complete formation of asset management joint
venture in India
Chennai 4th November, 2025: IndusInd
International Holdings Limited (“IIHL”), the promoter of IndusInd Bank, and
Invesco Ltd. (“Invesco”) announced today that they have completed the formation
of their asset management joint venture (“JV”) following IIHL’s acquisition of
a 60% ownership stake in Invesco Asset Management India (“IAMI”) following all
regulatory approvals and closing conditions. With Invesco retaining the balance
40% stake, both IIHL and Invesco will hold joint sponsor status under the
regulatory framework.
As of September 2025, IAMI is the 16th
largest domestic asset manager in India with combined onshore and
offshore (through advisory) average assets under management of
INR 148,358 crores for
the quarter ending September 2025 and a presence
in 40 cities across the country.
Mr. Ashok Hinduja, Chairman, IIHL, said, “At IIHL,
we are very enthused with this JV with Invesco, to augment our para banking
portfolio by including Asset Management, and be a global financial (BFSI) powerhouse
by 2030. This is the most opportune time, when India, on the back
of rising income levels, favourable demographics, offers enormous investment
prospects to all Indians, the diaspora included. We will endeavour to reach the
last home, last investor transparently and efficiently and live up to
investors' expectation that mutual fund sahi hai”
Mr. Andrew Lo, Chief Executive Officer,
Asia Pacific at Invesco, said: “Our India business has seen solid
growth in the last nine years. We now look forward to the partnership with IIHL
to further expand our distribution capability in the domestic market. As
always, our focus will remain squarely on industry-leading investment offerings
and service for our India clients with compelling global and domestic investment
capabilities.”
Speaking on the announcement, Mr.
Saurabh Nanavati, CEO, Invesco Asset Management (India) said: "We
are pleased to announce the completion of this strategic transaction. This
joint venture represents the coming together of Invesco’s global expertise in
asset management and IIHL, facilitating its deep local market presence.
Together, we aim to strengthen our reach and expand distribution, especially in
Tier 2 and Tier 3 towns, thereby making quality investment solutions available to
a wider set of investors across India. We also aim to increase our presence and
offerings through GIFT City, SIFs, Passive Products and Digital channels.”
Both partners contribute their
respective strengths to the venture, with Invesco offering its global
investment management expertise and product range, while IIHL will support,
through its promoted entity and subsidiaries, a robust distribution network
comprising over 11,000 touchpoints across India and serving a customer base of
45 million. IIHL will also deploy the reach of several associate entities of
its global shareholders that offer synergistic business operations to widen the
customer base by another 50 million.
There will be no change in IAMI’s focus
on investment excellence and exceptional client service. The JV will continue
to operate under the same management led by Saurabh Nanavati, with the same
disciplined and research-driven investment philosophy and processes that have
been central to its investment offerings since 2008, ensuring strong continuity
for investors, distributors, and other stakeholders.
Motilal Oswal Investment Advisors acted
as the exclusive financial advisor to IIHL. Crawford Bayley and AZB acted as
legal advisors to IIHL & Invesco, respectively.
Founded in 1993 under the visionary
leadership of the late Shri S.P. Hinduja and his three brothers, IIHL is an
investment holding Company well-regulated by the Financial Services Commission,
Mauritius, under a Global Business License and is governed by the Board of Directors.
Its investment portfolio under various Regulatory jurisdictions comprises
Banking Services (IndusInd Bank, IIHL Bank & Trust Limited- Bahamas),
Capital Market Assets (Afrinex Exchange Limited, Mauritius, with a cumulative
listing of $13.5bn of underlying securities). Recently, it acquired the
Insurance Businesses (Life, Non-Life, and Health) along with the Securities
business of Reliance Capital Ltd to augment its portfolio.
IAMI began operations in India in late
2008 with the acquisition of Lotus India Asset Management Company and has since
grown to serve over 2.9. million retail investor folios and over 48,000
empanelled distributors, with over 70% of its AUM in equity and equity-oriented
assets. Invesco also operates an enterprise centre in Hyderabad employing more
than 1,700 staff across a range of global support functions, including
information technology, investment operations, finance, compliance, and human
resources.
