Invesco Mutual Fund gets Sebi nod for 60% stake transfer to Hinduja Group’s IIHL

Invesco Mutual Fund has received the go-ahead from the Securities and Exchange Board of India (SEBI) to transfer a controlling 60% stake in its Indian operations to IndusInd International Holdings Ltd (IIHL), the Mauritius-based investment arm of the Hinduja Group. This marks a significant shift in ownership for one of the leading foreign asset managers in India.

As per a PTI news report, SEBI has cleared pending applications relating to the change of control at Invesco Asset Management (India) Pvt Ltd (Invesco AMC), Invesco Trustee Pvt Ltd (Invesco Trustee), and its portfolio management services business. The market regulator has also approved the appointment of new directors on the board of Invesco Trustee Company, setting the stage for a smooth transition.

The Competition Commission of India (CCI) had already granted its approval in August 2024, paving the way for this acquisition. Under the arrangement, IIHL will acquire 60% in both Invesco AMC and Invesco Trustee through its wholly owned subsidiary, IIHL AMC Holdings Ltd, which was specifically set up for this deal.

IIHL, a global business Category 1 licensee incorporated in Mauritius, primarily functions as an investment holding company with stakes across diverse sectors. With this acquisition, it will further strengthen its presence in India’s fast-growing financial services market.

This is not IIHL’s first big move in the Indian financial sector. Earlier in May 2025, it successfully acquired Reliance Capital Ltd and its subsidiaries in life insurance, general insurance, health insurance, asset reconstruction, and securities broking, following approval of its resolution plan by the National Company Law Tribunal (NCLT). With the Invesco deal, IIHL is now strategically positioning itself as a key player in India’s asset management industry as well.

For Invesco, the partnership with IIHL is expected to provide a strong domestic anchor that will help it expand its footprint in India beyond the current 40 cities. Industry experts believe IIHL’s local knowledge and distribution strength could accelerate Invesco’s reach into smaller towns and semi-urban centers, which are becoming important growth engines for mutual fund investments.

Invesco entered India in 2008 by acquiring Lotus India Asset Management Company. Since then, it has steadily built a strong base, currently serving over 1.6 million retail investor folios and engaging more than 39,000 empanelled distributors. As of March 31, 2024, the fund house managed assets worth ₹85,393 crore through a mix of onshore and offshore advisory businesses, with over 70% of its assets in equities and equity-oriented schemes. This makes it the fifth-largest foreign asset manager and the 17th largest overall in the domestic mutual fund industry.

The transfer of majority control to IIHL is being seen as a strategic win-win. Invesco gains a powerful domestic partner at a time when competition among asset managers is intensifying, while IIHL cements its presence in India’s high-growth mutual fund sector. With regulatory approvals now in place, the focus will shift to execution and integration over the coming months.