Jio Financial ropes in BlackRock to disrupt India’s asset management industry

economictimes.indiatimes.com:

Jio Financial Services Ltd (JFS) and BlackRock have signed an agreement to form a 50:50 joint venture to offer investment solutions. JFS and BlackRock are targeting initial investment of $150 million each in the joint venture, to be named Jio BlackRock.

Through the joint venture, the firms aim for a digital-first offering and democratise access to investment solutions for investors in India. “The partnership will introduce a new player to the India market with a unique combination of scope, scale, and resources,” the companies said in a joint statement.

Earlier on Wednesday, RIL renamed the financial services business Reliance Strategic Investments as Jio Financial Services, following the completion of the $20-billion demerger of the business. “Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India,” said Rachel Lord, chair and head of APAC, BlackRock.

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, said Hitesh Sethia, President and CEO, JFS. More to come…