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Jio Financial Services Limited (JFS) and BlackRock on Wednesday announced an agreement to form Jio BlackRock, a 50:50 joint venture, to enter India's asset management industry, BlackRock said in a statement.
The joint venture aims to deliver tech- enabled access to affordable, innovative investment solutions for millions of investors in India.
According to the statement, the partnership aims to transform India’s asset management industry through a digital- first offering and democratise access to investment solutions for investors in the country.
JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture.
Speaking on this transaction, Hitesh Sethia, President and CEO, JFS, said, “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."
He further said, "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.”
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.”
