Induslnd Bank promoter and Invesco launch joint venture for asset management business
IndusInd International Holdings Limited (IIHL), promoter of IndusInd Bank, and Invesco Limited have completed the formation of a joint venture for the asset management company (AMC) as of November 2. IIHL and Invesco Limited will now serve as sponsors of Invesco Asset Management Company India.
The formation of the joint venture followed IIHL’s acquisition of 60% of Invesco Asset Management Company India, with Invesco Limited retaining the remaining 40%. The sponsor is the main organization that supports an AMC.
AMC will continue to operate under the existing management team led by Saurabh Nanavati, managing director of Invesco Asset Management Company India.
As of September 2025, Invesco Asset Management Company India is the 16th largest asset manager in India and its total onshore and offshore (advisory) average assets under management (AUM) are: ₹1,48,358 crore for the September quarter and a presence in 40 cities across India.
IIHL chairman Ashok Hinduja said: “With this joint venture with Invesco, we can expand our money banking portfolio by incorporating asset management and become a global financial (BFSI) powerhouse by 2030.” He added: “This is the most opportune time when India offers tremendous investment opportunities to all Indians, including the diaspora, owing to rising income levels and favorable demographics.”
Andrew Lo, CEO of Invesco Asia Pacific, said: “Our India business has experienced solid growth over the last nine years. We now look forward to partnering with IIHL to further expand our distribution capabilities in the domestic market.”
captive audience
As a bank-led AMC, the joint venture will have access to IIHL and its subsidiaries’ extensive distribution network with 11,000 touchpoints and 45 million customers across India.
“We aim to strengthen our reach and expand our distribution, especially in tier 2 and 3 cities, and aim to increase our presence and offerings through GIFT City, SIFs (special investment funds), passive products and digital channels,” Nanavati said.
