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Business EconomyPosted at: Apr 10 2024 1:15PM


IIHL to partner with Invesco and acquire 60 pc stake in IAMI

Kolkata, Apr 10 (UNI) IndusInd International Holdings Limited (IIHL), a Mauritius-based Investment Holding Company with several investments in banking and financial assets, and Invesco Ltd have announced that they have entered into a definitive
agreement to form a joint venture (JV).
IIHL will acquire a 60 per cent stake in Invesco Asset Management India Limited (IAMI), according to a media statement.

IAMI is the Indian arm of Invesco Ltd, a leading independent global investment management firm with over USD 1.6 trillion in assets under management.
IIHL is the promoter entity of IndusInd Bank, the 5th largest private sector bank in India listed on BSE & NSE and is regulated by Reserve Bank of India.
Invesco will retain a 40 per cent stake in the newly formed JV, and both IIHL and Invesco will have sponsor status.
IAMI is the fifth largest foreign asset manager and the 17th largest domestic asset manager in India with combined onshore and offshore advisory and assets under management of INR 853.93 bn as of March 31, 2024, and a presence in 40 cities across the country.
Both partners bring their respective strengths to the venture with Invesco’s portfolio of global products and processes, and IIHL facilitating a strong distribution network of 11000+ pan India touch points and 45 mn customer base.
Founded in 1993 under the visionary leadership of Late S P Hinduja, IIHL, is an investment holding Company well regulated by the Financial Service Commission, Mauritius under a Global Business License.
Governed by the Board of Directors, its investment portfolio comprises of Banking Services (IndusInd Bank, Sterling Bank &
Trust Limited- Bahamas), Capital Market Assets (Afrinex Exchange Limited-Mauritius with a cumulative listing of $13.5bn of underlying securities) and bespoke Wealth Management Services (Beryllus Capital-UK, Switzerland & Singapore).
IIHL’s bid for acquisition of Reliance Capital Ltd.& its subsidiaries (Life, Health & General Insurance, Asset Reconstruction, Research & Securities Broking etc.) was recently approved by NCLT, and is in the process of concluding the implementation of the Resolution Plan.
Ashok Hinduja, Chairman, IIHL, said, “This partnership with Invesco is aligned with our business philosophy & principles: ‘Partnership for Growth’ and ‘Act Local Think Global’ and is another step in the journey of Value Creation for our shareholders. It was our vision to transform IIHL into a BFSI powerhouse. Our endeavour is to reach ‘last home, last investor’ in a transparent and efficient manner
and living up to investors’ expectation that ‘mutual fund sahi hai’.”
“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," said Moses Harding, CEO, IIHL.
“We are excited to partner with IIHL to continue to expand distribution of our high quality, global and domestic investment capabilities to serve more domestic investors in such an important market,” said Andrew Lo, Senior Managing Director and Chief
Executive Officer of Invesco Asia Pacific.
“We are committed to serving our clients’
needs across India and maintaining our significant presence in Hyderabad as well.”
IAMI began operations in India in late 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 equity and
equity-oriented assets. Invesco also operates an enterprise centre in Hyderabad
employing more than 1,700 staff across a range of global support functions, including
information technology, investment operations, finance, compliance, and human
resources.
“A strong domestic partner will significantly increase the JV’s ability to expand into
more Indian cities and towns, which are driving industry growth. The Indian mutual
fund industry is at an inflexion point with favourable demographics and a rising middle
class which will prefer transparent investment products like mutual funds and ETFs,”
said Saurabh Nanavati, CEO of Invesco Asset Management India Limited, who
will continue to lead the new JV along with the existing management team.
The transaction is subject to customary regulatory approvals. The transaction will have
an immaterial financial impact on Invesco Ltd.
Motilal Oswal Investment Advisors acted as exclusive financial advisor to IIHL.
Crawford Bayley and AZB acted as legal advisors to IIHL & Invesco respectively.
UNI SJC KK
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Tags: #IIHL to partner with Invesco and acquire 60 pc stake in IAMI
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