Hong Kong, April 8, 2016: Invesco Ltd. (NYSE: IVZ), a leading independent global investment management firm, today announced the completion of the transaction under which Invesco has increased its shareholding to 100% in the Indian asset management joint venture with Religare Enterprises Limited – Religare Invesco Asset Management Company Private Limited – which will be soon renamed as Invesco Asset Management (India) Private Limited (the “Company”). The transaction, announced in November 2015, has received all required approvals from the Securities and Exchange Board of India (SEBI) and other regulatory bodies in India.
As a result of this transaction, the mutual fund schemes (the “Schemes”) will be renamed accordingly. The Asset Management Company and the Trustee Company of the Schemes will also be renamed as Invesco Asset Management (India) Private Limited and Invesco Trustee Private Limited, respectively.
The management team of the Company will remain unchanged. Mr. Saurabh Nanavati will continue to head the Company as its Chief Executive Officer, reporting to Mr. Andrew Lo, Senior Managing Director and Chief Executive Officer, Asia Pacific for Invesco. Mr. Andrew Lo said, “Invesco has been investing in Asia Pacific for more than 50 years. Our expanded business presence is a key milestone in our development in India and is aligned with our long-term strategic direction in the region. The combined Indian investment expertise will increase the depth and breadth of Invesco’s equities and fixed income franchise for the benefit of our clients both regionally and globally. Mr. Nanavati has been leading our Indian business since the company was set up in 2008. I am confident that, with our strengthened investment and distribution capabilities, we will see continued growth in our business and increased relevance in the important Indian marketplace.”
Mr. Sunil Godhwani, Chairman & Managing Director, Religare Enterprises Limited said, “Religare and Invesco have shared an excellent partnership. As a joint venture, both partners have been extremely successful in creating a distinctive niche and the business has today emerged as one of the leading asset management companies in India. As stated in November 2015, in the best interests of the business, we are happy to have accepted Invesco’s offer of taking full ownership of the business. This is indeed an endorsement of the quality of the platform we have built together and the capabilities of the management team. We are sure that this will help propel the business to its next stage of evolution and we wish the entire team the very best in their future endeavors.”
Mr. Saurabh Nanavati said, “Over the years, we have built a robust franchise with distinct investment processes, seeking to deliver consistent and repeatable performance across all our product strategies. With Invesco taking full ownership of the business, the Company will only go from strength to strength. Invesco’s global presence and expertise across a comprehensive range of investment capabilities will further enhance our ability to meet client needs.”
About Invesco Ltd.
Invesco Ltd. is a leading independent global investment management firm, dedicated to helping investors worldwide achieve their financial objectives. By delivering the combined power of our distinctive investment management capabilities, Invesco provides a wide range of investment strategies and vehicles to our retail and institutional clients around the world. Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ. Assets under management around the globe were US$775.6 billion (INR 51.1 lakh crores) as of December 31, 2015. Additional information is available at www.invesco.com.
About Religare Invesco Asset Management Company Private Limited
Religare Invesco Asset Management Company Private Limited (to be renamed as Invesco Asset Management (India) Private Limited) is one of the leading asset management companies in India. With over US$3.56 billion (INR 23,508 crores) of average assets under management for the quarter ending December 31, 2015, including mutual funds, offshore and domestic advisory services, we serve the investment needs of individual investors, corporate and institutions through mutual funds and sub-advised portfolios. With expertise that extends across equity, fixed income and alternatives, we offer a complete range of India funds designed to suit investment needs. Our aim is to provide top-class financial care, impeccable service and best-in-class investment products. For details, visit www.religareinvesco.com.
The name changes are subject to customary Indian regulatory approvals.
This document contains general information only. It is not an invitation to subscribe for shares in a fund nor is it to be construed as an offer to buy or sell any financial instruments. Nor does this constitute a recommendation of the suitability of any investment strategy for a particular investor. The information are sourced from Invesco Ltd. and Religare Invesco Asset Management Company Private Limited and dated April 8, 2016 unless otherwise stated. Investment involves risks. This document has not been reviewed by the Securities and Futures Commission of Hong Kong and is issued by Invesco Hong Kong Limited（景順投資管理有 限公司).