BlackRock & Jio Financial Services to tap into India’s asset management sector

By Gloria Mathias

BlackRock & Jio Financial Services Limited (JFS) have agreed to form Jio BlackRock. This 50:50 joint venture combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India.

Jio BlackRock brings BlackRock’s expertise and talent in investment management, risk management, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities.

This partnership aims to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India. JFS and BlackRock are targeting an initial investment of US$150 million each in the joint venture.

Rachel Lord, Chair & 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 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,” added Lord.

Hitesh Sethia, President, and CEO, JFS noted, “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 the digital delivery of products.

Jio BlackRock aims to be a 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.

Jio Financial Services Limited (JFS), through its operating subsidiaries and joint ventures, will offer a broad range of financial services solutions addressing the needs of both consumers and merchants. JFS will use technology as a key enabler to reach customers directly.