Jio Financial Services Limited (JFS), which was recently demerged from Reliance Industries, and BlackRock, the largest investment company in the world with assets under management in excess of $9 trillion, are forming Jio BlackRock, a 50:50 joint venture.
Both partners plan an initial investment of $150 million and aim to provide tech-enabled and affordable investment solutions to millions of Indian investors. The joint venture will commence operations once it receives regulatory approvals.
Jio BlackRock will combine BlackRock’s expertise in investment management, risk management, and technology with Jio Financial Services’ local market knowledge and digital infrastructure.
Rachel Lord, Chair and Head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways.
“We are very excited to be partnering with Jio Financial Services to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”
Jio Financial Services: Exciting partnership ahead
Hitesh Sethia, President, and CEO of Jio Financial Services, added: “This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally.
“The partnership will leverage BlackRock’s deep expertise in investment and risk management along with the technology capability and market expertise of Jio Financial Services to drive the digital delivery of products.”
Jio BlackRock aims to be a customer-centric and digitally-driven enterprise with the mission of democratising access to financial investment solutions.
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