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Jio Financial and BlackRock JV

Jio Financial and Blackrock to form JV to enter the Indian Asset Management Industry

The world’s largest asset manager BlackRock is entering the Indian market with an announcement of a joint venture along with Jio Financial services to launch digital asset services in the Indian financial market. On July 26, India’s Jio Financial Services (JFS) and American asset management giant BlackRock signed the agreement for the joint venture.

The press release shared by Jio says that both the companies have an initial target of investing $150 million each.

“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.” 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.” said Jio CEO, Hitesh Sethia, explaining how the collaboration would work.

“The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways.” said BlackRock’s head of APAC, Rachel Lord, also mentioning that “India represents an enormously important opportunity,”

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. JFS and BlackRock are targeting initial investment of US$150 million each in the joint venture.

The company will have its own management team, and the joint venture will launch post receipt of regulatory and statutory approvals, according to the media release.

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