This rare representation of Hayagriva, embracing his consort and having wings, has like other guardian deities in Tibetan Buddhism become a defender of the faith and is of Brahmanic origin. In Mahayana Buddhism he was associated with the bodhisattva Avalokiteshvara and particularly in his eight-armed manifestation. In the Second Diffusion of Buddhism in Tibet he was especially promoted by Atisha (982-1054) and in due time became linked to all cults featuring horse spirits. Not unsurprisingly, he proved very popular amongst the nomadic Mongolians as well. In Tantric Buddhism his demon-conquering abilities were emphasized, both as dharmapala and as important guardian of the dGe.lugs.pa order. His neighing wards off demons and he is invoked during certain exorcism rituals.
Most probably this bronze figure was made in Mongolia for followers of the Tibetan Buddhist faith.
A comparable Mongolian example of Hayagriva with wings and embracing his consort is published by G. Béguin in Tibet, Terreur et Magie, Brussels, pl.14.