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.
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.”
