US asset management firm BlackRock and Jio Financial Services (JFS) are forming a 50:50 joint venture, Jio BlackRock, with an initial investment of $150 million each, to provide tech-enabled asset management services in India.
Facts
- BlackRock and Jio Financial Services (JFS) are partnering to create a new asset management service for Indian investors.
- The joint venture, named Jio BlackRock, will be split equally between the two firms, with both investing $150 million initially.
- BlackRock is one of the world’s largest investment managers, managing assets worth approximately $8.59 trillion.
- The collaboration aims to combine BlackRock’s experience with JFS’s local market knowledge, digital infrastructure capabilities, and robust execution capabilities.
- The new venture’s goal is to offer affordable and innovative investment solutions to millions of investors in India through technology-enabled access.
- Rachel Lord, chair and head of APAC for BlackRock, sees India as a significant opportunity due to rising affluence, favorable demographics, and digital transformation across industries.
- Hitesh Sethia, president and CEO of JFS, values the partnership’s potential to provide digital product delivery, leveraging BlackRock’s expertise in investment and risk management along with JFS’s technology and market knowledge.
- The joint venture will commence its operations after obtaining regulatory and statutory approvals and will have its own management team.
