BlackRock and Jio Financial Services Limited (JFS) joined hands to form Jio BlackRock, a 50:50 joint venture that combines the respective strengths and trusted brands to deliver tech-enabled access to affordable, investment solutions for millions of investors in India.
What does Jio BlackRock bring to India?
Jio BlackRock brings BlackRock’s deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities. Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources.
Jio Financial Services Limited and BlackRock are targeting initial investment of $150m each in the joint venture. The joint venture between the firms will launch operations post receipt of regulatory and statutory approvals. The company will have its own management team.
What does the collaboration mean for stakeholders?
Hitesh Sethia, President and CEO, JFS, said: “This is an exciting alliance between JFS and BlackRock, one of the largest and most respected asset management firms globally. The alliance will leverage BlackRock’s expertise in investment and risk management along with the tech 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 with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every customer in India,” Hitesh Sethia further commented.
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,” Lord added.