IndusInd International Holdings and Invesco complete formation of asset management joint venture in India
Chennai 2nd 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 ofINR 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 efficientlyandliveup toinvestors' expectation that mutual fund sahihai”
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.
MotilalOswal 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, IIHLBank & 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.
