India’s markets regulator, the Securities and Exchange Board of India (SEBI), has granted final approval to Jio BlackRock Mutual Fund, a joint venture between Reliance Group’s Jio Financial Services and the U.S.-based asset manager BlackRock.
This approval allows the firm to begin mutual fund operations in India, marking a significant milestone for the partnership announced in July 2023.
The joint venture, named Jio BlackRock Asset Management, is a 50:50 partnership that plans to introduce a variety of investment products in the coming months.
These products will follow a “digital first” strategy aimed at both retail and institutional investors. The offerings will leverage BlackRock’s advanced data-driven investment tools, including its renowned investment and risk management platform, Aladdin.
Sid Swaminathan, formerly head of International Index Equity at BlackRock, has been appointed as the Managing Director and Chief Executive Officer of Jio BlackRock.
The company aims to combine Jio’s extensive digital reach and deep understanding of the Indian market with BlackRock’s global investment expertise and risk management technology to offer innovative, competitively priced investment solutions.
Currently, India has 44 asset management companies managing assets worth approximately 69.50 trillion rupees (about $813.8 billion). Jio BlackRock’s entry is expected to enhance competition and innovation in this rapidly growing sector.
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