BlackRock and Jio Financial Services to launch wealth management and brokerage services in India
Mumbai-based Jio Financial Services (JFS) and US asset management firm BlackRock are once again joining forces to establish wealth management and brokerage services in India.
BlackRock and JFS announce new venture
According to a filing made with the National Stock Exchange of India (NSE) this week, the joint venture will be split equally between the two firms, resulting in two separate companies’ inception.
It is to follow a similar structure to the pair’s previous endeavour announced last July which cultivated a new suite of asset management services for the country’s investor community.
These services hinge on JFS’s “local market knowledge, digital infrastructure capabilities and robust execution capabilities”, alongside a total joint investment of $300 million.
A former subsidiary of Reliance Industries, JFS’s current remit extends to both retail and business banking services with a suite including a digital banking app, loans, insurance options and merchant-focused payment solutions.
With the partnership’s latest agreement to branch out into regional wealth management and brokerage services finalised only this week, subject to the regulator’s approval, the shape of its newest offering has yet to be determined.
Nonetheless, the initiative is anticipated to culminate in a serious contender for India’s fast-emerging retail investor market, particularly given BlackRock’s current standing as the world’s largest asset manager.
