IndusInd International Forms Joint Mutual Fund with Invesco After Acquiring 60% Stake

IndusInd International Holdings Limited (IIHL), the promoter of IndusInd Bank, and Invesco Ltd have announced the completion of their 2024 stake sale deal, forming a new asset management joint venture. IIHL had first revealed its plan to acquire a 60% stake in Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited in April 2024.

After receiving all necessary approvals, Invesco Asset Management India (IAMI) has now become a joint venture with a 60% ownership held by IIHL and the remaining 40% by Invesco Ltd. Both partners will also hold joint sponsor status under the regulatory framework.

As of September 2025, IAMI ranks as India’s 16th largest domestic asset manager, with combined onshore and offshore (through advisory) average assets under management (AUM) of ₹1,48,358 crore for the quarter ending September 2025. The firm has a presence in 40 cities across the country.

There will be no change in IAMI’s focus on investment excellence and client service, Hinduja Group-owned IIHL said in a statement, adding that the joint venture will continue to operate under the existing management led by CEO Saurabh Nanavati.

According to Nanavati, the partnership combines Invesco’s global expertise in asset management with IIHL’s strong 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 plan to enhance our presence and offerings through GIFT City, SIFs, passive products, and digital channels,” he added.

Established in 1993 by the Hinduja brothers, IIHL holds investments across banking, capital markets, and insurance, including stakes in IndusInd Bank and Afrinex Exchange.

“At IIHL, we are very enthused about this joint venture with Invesco, as it augments our para-banking portfolio by including asset management and moves us closer to becoming a global financial (BFSI) powerhouse by 2030,” said Ashok Hinduja, Chairman of IIHL.

The partnership brings together Invesco’s global investment management expertise and IIHL’s extensive distribution network of over 11,000 touchpoints across India, serving around 45 million customers. IIHL will also leverage the reach of its global associate entities to expand the customer base by another 50 million.

Operating in India since 2008, Invesco Asset Management India manages over 2.9 million investor folios and 48,000 distributors, with a strong equity focus and a 1,700-employee enterprise centre in Hyderabad.

“Our India business has seen solid growth over the past nine years. We now look forward to partnering with IIHL to further expand our distribution capability in the domestic market,” said Andrew Lo, Chief Executive Officer, Asia Pacific at Invesco.