IndusInd Bank’s promoter, IndusInd International Holdings Limited (IIHL), and Invesco Limited have completed the formation of their joint venture for the asset management company (AMC) as of 2 November. IIHL and Invesco Limited will now serve as the sponsors of Invesco Asset Management Company India.
The formation of the joint venture follows IIHL’s 60% acquisition of Invesco Asset Management Company India, with Invesco Limited retaining the remaining 40%. A sponsor is the principal entity backing an AMC.
The AMC will continue to operate under its existing management team led by Saurabh Nanavati, chief executive of Invesco Asset Management Company India.
As of September 2025, Invesco Asset Management Company India is the 16th-largest asset manager in India, with a combined onshore and offshore (advisory) average assets under management (AUM) of ₹1,48,358 crore for the September quarter and a presence in 40 cities across India.
Ashok Hinduja, chairman of IIHL, said, “With this JV with Invesco we can augment our para banking portfolio by including asset management, and be a global financial (BFSI) powerhouse by 2030.” He added, “This is the most opportune time, when India, on the back of rising income levels and favourable demographics, offers enormous investment prospects to all Indians, the diaspora included.”
Andrew Lo, chief executive, Asia Pacific at Invesco, said, “Our India business has seen solid growth in the past nine years. We now look forward to the partnership with IIHL to further expand our distribution capability in the domestic market.”
Captive audience
As a bank-led AMC, the joint venture will have access to the large distribution network of IIHL and its subsidiaries, with 11,000 touchpoints across India, and their 45 million customers.
Nanavati said, “We aim to strengthen our reach and expand distribution, especially in tier-2 and tier-3 towns, and aim to increase our presence and offerings through GIFT City, SIFs (specialised investment funds), passive products and digital channels.”