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Investment holding company IndusInd International Holdings Limited (IIHL), the promoter of IndusInd Bank, and Invesco Ltd. (NYSE: IVZ) have completed the formation of their asset management joint venture following regulatory approval and closing conditions.
IIHL has acquired a 60% ownership stake in Invesco Asset Management India (IAMI), with Invesco retaining the remaining 40%. Both firms will hold joint sponsor status under the Indian regulatory framework.
As of September 2025, IAMI ranked as the 16th largest domestic asset manager in India, with combined onshore and offshore average assets under management (AUM) of INR 148,358 crore for the quarter ending September 2025 and a presence in 40 cities nationwide.
The partnership brings together Invesco’s global investment management expertise and IIHL’s extensive distribution reach through its group entities, which operate over 11,000 touchpoints across India serving 45 million customers. IIHL also plans to leverage its global associates to expand the potential customer base by a further 50 million.
There will be no change in IAMI’s management structure. The firm will continue to be led by Chief Executive Officer Saurabh Nanavati, maintaining its established investment philosophy and client service standards.
"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."
— Ashok Hinduja, Chairman, IndusInd International Holdings Limited
"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."
— Andrew Lo, Chief Executive Officer, Asia Pacific, Invesco
"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."
— Saurabh Nanavati, Chief Executive Officer, Invesco Asset Management (India)
Motilal Oswal Investment Advisors acted as the exclusive financial advisor to IIHL. Crawford Bayley and AZB served as legal advisors to IIHL and Invesco, respectively.
Founded in 1993 by the late Shri S.P. Hinduja and his brothers, IIHL is regulated by the Financial Services Commission, Mauritius. Its investment portfolio spans banking (IndusInd Bank, IIHL Bank & Trust, Bahamas), capital markets (Afrinex Exchange, Mauritius), and insurance businesses acquired from Reliance Capital Ltd. The firm reported a net asset value of USD 1.2 billion as of September 2025.
Invesco Asset Management India began operations in 2008 after acquiring Lotus India Asset Management Company. It manages over 2.9 million retail investor folios and works with 48,000 distributors, with more than 70% of its AUM in equities and equity-oriented assets.
Invesco Ltd. operates in over 20 countries, offering active, passive, and alternative investment products globally.
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