Under the agreement, IIHL has acquired a 60% stake in Invesco Asset Management India (IAMI), while Invesco retains the remaining 40%. With all regulatory approvals and closing conditions completed, both partners will now act as joint sponsors of the venture, which will continue to operate under the existing Invesco brand and management structure.
The deal positions IIHL, part of the Hinduja Group, to expand beyond banking and deepen its presence in India’s financial services ecosystem. It also allows Invesco to strengthen its domestic foothold by leveraging IIHL’s extensive on-ground distribution network.
As of September 2025, Invesco Asset Management India ranks as the 16th largest asset manager in the country, with total average assets under management of Rs 1.48 lakh crore for the quarter ended September 2025, spanning onshore and offshore advisory businesses. The firm currently operates across 40 Indian cities, catering to retail and institutional investors.
The partnership brings together Invesco’s global investment and product expertise with IIHL’s distribution scale and local market reach. Through its promoted entities and subsidiaries, IIHL will contribute a distribution network spanning more than 11,000 touchpoints and access to over 45 million customers. The company said it also plans to leverage its associate entities globally to extend that reach to another 50 million potential investors.
Despite the ownership change, IAMI’s existing management and investment approach will remain unchanged. The business will continue to be led by CEO Saurabh Nanavati, maintaining its long-standing research-driven investment philosophy and disciplined processes.Commenting on the completion of the transaction, Ashok Hinduja, Chairman of IIHL, said the partnership aligns with the group’s broader ambition to become a diversified financial powerhouse by the end of the decade.”At IIHL, we are very enthused with this JV with Invesco, to augment our parabanking portfolio by including asset management and become a global financial powerhouse by 2030,” Hinduja said.
“This is the most opportune time, as India’s rising income levels and favourable demographics offer enormous investment potential. We will strive to reach the last investor, transparently and efficiently, and live up to the belief that – mutual fund sahi hai,” he added.
Andrew Lo, CEO, Asia Pacific at Invesco, said the partnership will help accelerate the firm’s next growth phase in India.
“Our India business has seen solid growth in the last nine years. We now look forward to partnering with IIHL to further expand our domestic distribution capabilities. Our focus will remain on delivering industry-leading investment offerings and service to Indian clients, drawing on our global and local investment strengths,” he said.
The transaction was advised exclusively by Motilal Oswal Investment Advisors, with Crawford Bayley & Co. and AZB & Partners acting as legal advisors to IIHL and Invesco, respectively.
The partnership comes amid record growth in India’s mutual fund industry, with retail participation expanding rapidly in smaller cities.
