IndusInd International Holdings-Invesco JV for mutual fund business gets operational

New Delhi, Nov 2 (PTI) IndusInd Bank promoter IndusInd International Holdings and US-based Invesco on Sunday announced that they have completed the formation of their asset management joint venture, following IIHL's acquisition of a 60 per cent ownership stake in Invesco Asset Management India.

Following all regulatory approvals and closing conditions, Invesco Ltd, with the remaining 40 per cent stake, will hold joint sponsor status with the Hinduja Group firm IndusInd International Holdings Ltd (IIHL) in the asset management company, a joint statement said.

As of September 2025, Invesco Asset Management India (IAMI) is the 16th largest domestic asset manager in India, with combined onshore and offshore (through advisory) average assets under management of Rs 1,48,358 crore for the quarter ending September 2025 and a presence in 40 cities across the country.

Both partners contribute their respective strengths to the joint venture (JV), 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, the statement said.

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, it added.

There will be no change in IAMI's focus on investment excellence and exceptional client service, it said, adding that 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.

IIHL Chairman Ashok Hinduja said this JV with Invesco will help augment the 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," he noted.

Invesco Ltd Chief Executive Officer, Asia Pacific, Andrew Lo said, "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".

This joint venture represents the coming together of Invesco's global expertise in asset management and IIHL, facilitating its deep local market presence, IAMI CEO Saurabh Nanavati said.

"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," Nanavati added.

Founded in 1993 under the visionary leadership of the late SP 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 USD 13.5 billion of underlying securities).

Recently, it has 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 per cent 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. PTI DP BAL BAL