BlackRock, Jio Financial Services forge alliance for innovative investment solutions
American investment management company BlackRock and India-based Jio Financial Services Limited (JFS) have come together to form Jio BlackRock, a 50:50 joint venture.
The partnership aims to provide tech-enabled access to affordable and innovative investment solutions to millions of investors across India. This strategic alliance merges BlackRock’s expertise in investment management, risk management, and access to technology, with JFS’s in-depth local market knowledge and robust digital infrastructure capabilities.
The new venture, Jio BlackRock, plans to revolutionize the Indian market with its unique combination of scope, scale, and resources. An initial investment of $150 million each from Jio Financial Services and BlackRock is targeted for the joint venture. The core objective is to transform India’s asset management industry with a digital-first approach and democratize access to investment solutions for Indian investors.
Rachel Lord, Chair & Head of APAC, BlackRock, lauded the initiative saying, “India represents an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways. Jio BlackRock will place the combined strength and scale of both our companies in the hands of millions of investors in India.”
Echoing the sentiment, Hitesh Sethia, President and CEO, Jio Financial Services, stated, “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. Jio BlackRock will be a truly transformational, customer-centric and digital-first enterprise.”
The joint venture will begin operations following receipt of regulatory and statutory approvals and will operate under its own management team.