After AMC business, Jio and BlackRock in JV for wealth management,
broking
Months after setting up the asset management joint venture, Jio
Financial Services and BlackRock Group have entered into 50:50 JV for wealth
management and broking businesses.
The company (Jio Financial), BlackRock, Inc. and BlackRock
Advisors Singapore Pte. Ltd. have signed an agreement to form a 50:50
joint venture between the company and Blackrock, for the purpose of undertaking
wealth business including incorporation of a wealth management company and
subsequent incorporation of a brokerage company in India, Jio Financial said
in a release.
This joint venture further strengthens Jio's relationship with
Blackrock, Inc., it said, adding that the launch for both the businesses is
subject to regulatory approval.
Jio and BlackRock had announced setting up a JV for asset
management business in India in July 2023. In October 2023, Jio Financial and
BlackRock Management filed papers for their mutual fund with the Securities and
Exchange Board of India (SEBI). The application was under consideration
for the regulator's in-principle approval as of December 2023.
The companies had then committed an initial investment of $150
million each into the JV, with the aim of transforming India's asset
management industry through a digital-first offering and democratising access
to investment solutions.
BlackRock Asset Managers is one of the world's largest asset
managers. It previously operated in India in a JV with the DSP
Group through DSP BlackRock Mutual Fund. The partnership ended in 2018,
following which BlackRock announced its plans to re-enter India with Jio
Financial.
www.thehindubusinessline.com
dt. 16.04.2024