MUMBAI: After snapping up the crippled Reliance Capital through the bankruptcy process, the Hindujas are on the prowl again and has entered into an agreement to acquire 60% stake in Invesco India Asset Management for an undisclosed sum.
The acquisition is being carried out through Indusind International Holdings, the Mauritius-based holding company of banking and financial services entities of the Hindujas, including Indusind Bank.
The companies didn’t share the value of the transaction.
Invesco India Asset Management is the domestic arm of the global investment management firm Invesco, which manages over $1.6 trillion assets across 20 countries. Invesco will retain the remaining 40% in the newly-formed joint venture and both the partners will have sponsor status, a joint statement from the companies said Tuesday.
Invesco India Asset Management is the fifth largest foreign asset manager and the 17th largest asset manager in the country with combined onshore and offshore advisory and assets under management of `85,393 crore as of March 2024, and is present in across 40 cities in the country.
Founded in 1993 by the late SP Hinduja, Indusind International is an investment holding company regulated by the Financial Service Commission of Mauritius and has a strong distribution network of 11,000 touch-points and 45 million customers. Its investment portfolio comprises banking services -- Indusind Bank, which is the fifth largest private sector lender in the country; Sterling Bank & Trust in the Bahamas; Afrinex Exchange in Mauritius, which is into capital markets services; and Beryllus Capital which offers wealth management services in England, Switzerland and Singapore. Indusind International had recently acquired Reliance Capital and its subsidiaries
Invesco to retain remaining 40% stake in joint venture
Invesco will retain the remaining 40% in the newly-formed joint venture and both partners will have sponsor status, a joint statement said on Tuesday. Invesco is the fifth largest foreign asset manager