IndusInd International Holdings (IIHL) and Invesco completed the formation of their asset management joint venture, according to a press release on Sunday. IIHL had acquired 60% stake in Invesco Asset Management Co following all the regulatory approvals.
“At IIHL, we are very enthused with this JV with Invesco, to augment our para banking portfolio by including Asset Management, and be a global financial (BFSI) powerhouse by 2030,” Ashok Hinduja, Chairman of IIHL said.
The release also said that there would be no change in Invesco’s focus on investment and client service and the joint venture would operate under the same management led by the Chief Executive Officer of Invesco Asset Management Saurabh Nanavati.
“Together, we aim to strengthen our reach and expand distribution, especially in Tier 2 and Tier 3 towns. We also aim to increase our presence and offerings through GIFT City, SIFs, Passive Products and Digital channels,” Nanavati said.
As of September, Invesco Asset Management Co is the 16th largest domestic asset manager in India with combined onshore and offshore (through advisory) average assets under management of Rs 1.48 lakh crore for the quarter ending September and a presence in 40 cities across the country.
Invesco will offer its global investment management expertise and product range, while IIHL will support, through its promoted entity and subsidiaries, a robust distribution network comprising over 11,000 touchpoints across India and serving a customer base of 45 million. It would also deploy the reach of several associate entities of its global shareholders that offer synergistic business operations to widen the customer base by another 50 million.
Motilal Oswal Investment Advisors acted as the exclusive financial advisor to IIHL. Crawford Bayley and AZB acted as legal advisors to IIHL & Invesco, respectively.
