The Hinduja group on Tuesday entered India’s mutual fund space with its arm IndusInd International Holdings Ltd (IIHL) acquiring a 60 per cent stake in Invesco Asset Management India Ltd (IAMI).

IAMI is the Indian arm of Invesco, the global investment management firm. It is the 17th largest fund house in India with an average assets under management of Rs 74,314.38 crore.

IIHL said the Indian arm of Invesco has a combined onshore and offshore advisory and assets under management of Rs 85,393 crore as of March 31.

IIHL is also the promoter entity of IndusInd Bank, the fifth largest private sector bank in India. A statement said that Invesco will retain a 40 per cent stake in the newly formed JV and both IIHL and Invesco will have sponsor status.

IIHL’s bid for acquisition of Reliance Capital Ltd and its subsidiaries (life, health and general insurance, asset reconstruction, research and securities) was recently approved by the National Company Law Tribunal (NCLT). The resolution plan is still at the implementation stage.

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

Governed by the board of directors, its investment portfolio comprises banking services (IndusInd Bank, Sterling Bank & Trust Limited-Bahamas), capital market assets (Afrinex Exchange Limited-Mauritius with a cumulative listing of $13.5 billion of underlying securities) and bespoke wealth management services (Beryllus Capital-UK, Switzerland and Singapore).

“This partnership with Invesco is aligned with our business philosophy .... it is another step in the journey of value creation for our shareholders,” Ashok Hinduja, chairman, IIHL, said.

“We are very delighted to team up with Invesco... This is the most opportune time when India on the back of rising prosperity, investor confidence, and favourable demographics offers enormous prospects,” Moses Harding, CEO of IIHL, said.