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Hinduja Group’s IndusInd Bank has received RBI’s nod to start mutual fund business through a different subsidiary.
In a regulatory filing, the bank said, “This is to inform that the Reserve Bank of India vide letter dated August 19, 2024, has accorded its approval to the Bank for setting up a wholly owned subsidiary to undertake asset management business of mutual fund along with infusing equity capital in the said asset management subsidiary, subject to the additional conditions as set out in the said letter.”
In April, Hinduja Group’s IndusInd International Holdings (IIHL) 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, said the company press release.
The fund house manages AUM of Rs.83600 crore in June 2024.
