Connect with us

Business & Finance

Jio and BlackRock to Partner for Wealth Management and Broking After AMC Deal with AMC

Published

on

After AMC business, Jio and BlackRock in JV for wealth management, broking

In a strategic move, Jio Financial Services and BlackRock Group have formed a 50:50 joint venture for wealth management and broking businesses, months after establishing an asset management JV. This partnership aims to revolutionize India’s asset management industry with a digital-first approach.

According to a statement released by Jio Financial, the agreement between the company, BlackRock, Inc., and BlackRock Advisors Singapore Pte. Ltd. includes the formation of a wealth management company and subsequent brokerage company in India. The official launch of these businesses is pending regulatory approval.

The collaboration between Jio and BlackRock began with the announcement of setting up an asset management JV in July 2023. By October 2023, Jio Financial and BlackRock Management had filed papers with the Securities and Exchange Board of India (SEBI) for their mutual fund, awaiting the regulator’s in-principle approval as of December 2023.

Both companies have committed an initial investment of $150 million each to drive innovation in the asset management sector and democratize access to investment solutions. BlackRock, known as one of the world’s largest asset managers, previously operated in India through a JV with the DSP Group until 2018. The new partnership with Jio Financial marks BlackRock’s re-entry into the Indian market, demonstrating a solid commitment to expanding its presence in the country’s financial landscape.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Trending