IndusInd International to pick up 60% stake in Invesco AMC

10 Apr 2024 , 11:44 AM

IndusInd International Holdings (IIHL) will buy a 60% share in Invesco Asset Management. Invesco will keep a 40% investment in the fund house, and both IIHL and Invesco will hold sponsor status. The transaction’s magnitude remains undisclosed. IIHL serves as the promoter of IndusInd Bank.

Invesco stands as the fifth largest global asset manager and the 17th largest domestic asset manager in India, boasting a combined onshore and offshore advisory and assets under management (AUM) totaling ₹85,393 Crore as of March 31, 2024. The firm maintains operations in 40 different locations across the nation.

The equity purchase has prepared the door for Hinduja Group’s entry into the rapidly expanding mutual fund business, transforming IndusInd International Holdings into a full-fledged financial services company.

“It was our vision to turn IIHL into a BFSI powerhouse,” stated Ashok Hinduja, chairman of IIHL. The Indian mutual fund sector has doubled its assets under management (AUM) from ₹23.16 Lakh Crore in February 2019 to ₹54.54 Lakh Crore by February 2024.

Saurabh Nanavati, CEO of Invesco Asset Management India, stated that having a reliable local partner would greatly enhance the joint venture’s potential to broaden its reach across various Indian cities and towns, crucial for fueling industry growth.

At around 11.12 AM, IndusInd was trading 0.26% higher at ₹1,559 per piece, against the previous close of ₹1,554.95 on NSE. The counter touched an intraday high and low of ₹1,564.85 and ₹1,553.05, respectively.

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