BlackRock joins hands with Jio Financial Services to launch digital-first asset manager
BlackRock Inc.
American multinational investment company, BlackRock, entered into a joint venture with Jio Financial Services, the financial services division of Indian tycoon Mukesh Ambani's empire, to launch a digital-first asset manager to serve the expanding investor population in India.
Jio BlackRock will be the name of the joint enterprise.
According to a statement released on Wednesday, BlackRock and Jio Financial Services each intend to spend up to $150 million in the 50-50 venture. BlackRock had $9.4 trillion in assets under management at the end of June.
In a LinkedIn post, Larry Fink, chairman and CEO of BlackRock, said, "Today marks a major move for BlackRockas we work to expand our footprint through a forthcoming joint venture in India with Jio Financial Services, a company built by Reliance Industries Limited."
While many Indian households have traditionally preferred real estate and jewelry as their primary assets, the joint venture seeks to benefit from the growing number of savers who are integrating financial items in their retirement plans.
The partnership will “deliver our combined expertise and scale to unlock the power of investing for millions of people in India,” Fink said.
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Analysts anticipate that Ambani’s Jio mobile phone network, which has the largest user base in India, will provide Jio Financial Services with access to massive troves of customer data. The trading of Jio Financial Services' shares is anticipated to begin this quarter.
According to chief executive of Jio Financial Services, Hitesh Sethia, the joint venure “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."
This is the BlackRock’s second attempt to break into the Indian retail sector. This is after it pulled out of a joint venture with the DSP Group in 2018.
(With inputs from Reuters)
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