IAMI is the Indian arm of Invesco Ltd., a leading independent global investment management firm with over $1.6 trillion in assets under management.

IIHL is the promoter entity of IndusInd Bank, the fifth largest private lender in India listed on the BSE and the NSE.

Invesco will retain 40 per cent stake in the newly-formed JV, and both IIHL and Invesco will have sponsor status, a statement said.

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 Rs 853.93 billion as of March 31, 2024, with presence in 40 cities across the country.

Founded in 1993 under the leadership of S.P. Hinduja, IIHL is an investment holding company well regulated by the Financial Service Commission, Mauritius, under a global business licence.

IIHL’s bid for the acquisition of Reliance Capital Ltd. and its subsidiaries (life, health & general insurance, asset reconstruction, research & securities broking etc.) was recently approved by the NCLT, and it is in the process of concluding the implementation of the resolution plan, the statement said.

Ashok Hinduja, Chairman, IIHL, said, “It was our vision to transform IIHL into a BFSI powerhouse. We endeavour to reach the ‘last home, last investor’ transparently and efficiently and live up to the investors’ expectation that ‘mutual fund sahi hai’.”

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 per cent of its AUM in equity and equity-oriented assets.