Jio Financial Services And BlackRock Agrees To Form JV To Explore India's Asset Management Sector According to an official statement, the partnership aims to transform India's asset management industry through a digital-first offering and democratise access to investment solutions
By Teena Jose •
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Jio Financial Services Ltd and BlackRock on Wednesday announced an agreement to form a 50:50 joint venture with $150 million investment to deliver tech-enabled access to affordable investment solutions for Indian investors.
According to an official statement, the partnership aims to transform India's asset management industry through a digital-first offering and democratise access to investment solutions.
"Jio BlackRock brings BlackRock's deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities," stated the company in an official release.
"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 JFS 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," said Rachel Lord, chair and head of APAC, BlackRock.
The joint venture will launch operations post-receipt of regulatory and statutory approvals. The company will have its own management team, statement 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 deep market expertise of JFS to drive digital delivery of products," said Hitesh Sethia, president and CEO, JFS.
