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Hinduja Group’s IndusInd International Holdings (IIHL) has entered the MF space by acquiring 60% stake in Invesco India Mutual Fund.
Invesco will retain a 40% stake in the joint venture and both IIHL and Invesco will have sponsor status. Saurabh Nanavati, CEO, Invesco MF (India) will lead the new JV along with the existing management team.
In a press release, 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’.”
Saurabh Nanavati, CEO, Invesco MF (India) said, “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.”
