US-based State Street Investment Management, one of the world’s largest money managers, has made a strategic minority investment in Groww Asset Management ( Groww AMC ), the asset management arm of Billionbrains Garage Ventures ( Groww ), one of India’s largest online trading platforms.

The investment, State Street says, will enable it to strengthen its presence in one of the world’s most promising markets while also enabling the delivery of Indian-focused investment strategies to its clients globally.

This strategic partnership with Groww AMC, the asset manager notes, complements its recent equity investments and product collaborations, which enable it to reach new investors, add investment capabilities and create innovative products.

“India stands out as a market of immense opportunity, with a rising middle class, favourable demographics and a rapid shift towards embracing modern investment products,” points out Yie-Hsin Hung, the asset manager’s CEO. “Groww AMC is at the forefront of this transformation, making investment exposures accessible to millions of individuals and capturing a significant share of the growing domestic wealth market.

“Our partnership with Groww AMC allows us to participate directly in the growth of India’s domestic asset management market, deliver a range of investment exposures to a broader population and build a pipeline of Indian exposures for global distribution.”

Harsh Jain, Groww’s co-founder and COO, adds: “This partnership will enable us to bring global best practices and sophisticated investment products to Indian investors, strengthening our long-term commitment to building a world-class asset management platform in India.”