Saurabh Nanavati
| Photo Credit: PAUL NORONHA
IndusInd International Holdings Ltd. (IIHL), a Mauritius-based funding holding firm of the Hinduja Group, has entered right into a definitive settlement to acquire a 60% stake in Invesco Asset Management India Ltd. (IAMI) for an undisclosed quantity.
Saurabh Nanavati, CEO, IAMI will proceed to lead the brand new JV together with the present administration staff.
IAMI is the Indian arm of Invesco Ltd. which has over $1.6 trillion in belongings underneath administration globally. IIHL is the promoter entity of IndusInd Bank. Invesco will retain a 40% stake in the newly-formed JV, and each IIHL and Invesco may have sponsor standing, each the entities stated in a joint assertion.
IAMI has mixed onshore and offshore advisory and belongings underneath administration of ₹85,393 crore as of March 31, 2024, and a presence in 40 cities in India.
Ashok Hinduja, Chairman, IIHL stated, “It was our vision to transform IIHL into a BFSI powerhouse. We are very delighted to team up with Invesco to usher India’s Asset Management industry into a transformational innovation era.”
“This is the most opportune time when India on the back of rising prosperity, investor confidence, and favourable demographics offers enormous prospects,” stated Moses Harding, CEO, IIHL.
“With IIHL [we will] to continue to expand distribution of our high quality, global and domestic investment capabilities to serve more domestic investors in such an important market,” stated Andrew Lo, Senior Managing Director and CEO, Invesco Asia Pacific. “We are committed to serving our clients’ needs across India and maintaining our significant presence in Hyderabad as well.”
IAMI started operations in India in 2008 with the acquisition of Lotus India Asset Management Company and has since grown to serve over 1.6 million retail investor folios and over 39,000 empanelled distributors, with over 70% of its AUM in fairness and equity-oriented belongings.
It additionally operates an enterprise centre in Hyderabad using greater than 1,700 workers throughout a spread of world help capabilities, together with info expertise, funding operations, finance, compliance, and human assets.
