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

IndusInd International Holdings Ltd (IIHL), part of the Hinduja Group, and US-based Invesco Ltd have completed the formation of their asset management joint venture following IIHL’s acquisition of a 60% stake in Invesco Asset Management India (IAMI).

Following the transaction and necessary regulatory approvals, Invesco will retain a 40% shareholding in the asset management company and hold joint sponsor status with IIHL, according to a joint statement issued by both firms.

As of September 2025, Invesco Asset Management India ranked as the 16th largest domestic asset manager in the country, with combined onshore and offshore average assets under management (AUM) of ₹1,48,358 crore for the quarter ended September 2025. The firm operates across 40 cities in India.

Under the joint venture, Invesco will provide its investment management expertise and product capabilities, while IIHL will leverage its distribution network and customer reach through associated entities. The existing management team, led by CEO Saurabh Nanavati, will continue to oversee operations.

The statement said the company will maintain its current investment approach and continue to operate under its established processes and governance framework.

IIHL Chairman Ashok Hinduja said the venture adds to the group’s financial services portfolio and aligns with its broader plans for expansion in the banking and financial services segment.

Andrew Lo, CEO for Asia Pacific at Invesco, said the partnership would help enhance the firm’s distribution capacity in the Indian market.

Nanavati said the collaboration aims to strengthen IAMI’s distribution network and product reach across market segments, including smaller cities.

IndusInd International Holdings, established in 1993, is regulated by the Financial Services Commission, Mauritius. Its portfolio includes holdings in banking, capital markets, and insurance.

Invesco Asset Management India began operations in 2008 following the acquisition of Lotus India Asset Management Company. The firm currently manages over 2.9 million retail investor folios and has more than 48,000 empanelled distributors. Invesco also operates an enterprise centre in Hyderabad that supports its global operations.