BlackRock and Jio Financial Services to launch joint asset management venture in India
US asset management firm BlackRock and Jio Financial Services (JFS) are joining forces to launch a new range of asset management services for investors in India.
BlackRock and JFS to launch asset management services in India
The joint venture, which is to be split 50:50 with an initial $150 million investment from each engaging party, is to be branded as Jio BlackRock.
BlackRock, one of the world’s largest investment managers with an estimated $8.59 trillion in assets under management, says the joint venture will combine its years of experience with JFS’s “local market knowledge, digital infrastructure capabilities and robust execution capabilities”.
Together, the new venture seeks to deliver “tech-enabled access to affordable, innovative investment solutions for millions of investors in India”.
Rachel Lord, chair and head of APAC for BlackRock, describes India as “an enormously important opportunity”, adding that “the convergence of rising affluence, favourable demographics and digital transformation across industries is reshaping the market in incredible ways”.
Hitesh Sethia, president and CEO of JFS, which has been valued at $20 billion following its recent demerger from Reliance Industries, adds: “The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive digital delivery of products.”
BlackRock says the joint venture will “launch operations post receipt of regulatory and statutory approvals” and the company will have its own management team.
