BlackRock and Jio Financial Services (JFS) have partnered to form Jio BlackRock, a joint venture to deliver investment solutions for millions of investors in India.
JFS and BlackRock are expected to invest US$150 million each in the joint venture.
The initiative will combine BlackRock’s expertise of investment management, risk management and operations with JFS’s local market knowledge, digital infrastructure capabilities and execution capabilities.
Jio BlackRock will launch operations following regulatory and statutory approvals. The new company will also have its own management team.
Rachel Lord, chair and head of APAC at BlackRock, says: “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.”
Hitesh Sethia, president and CEO of JFS, comments: “This is an exciting partnership between JFS and BlackRock. Jio BlackRock will be a truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”
