NEW DELHI: JioBlackRock Asset Management, the 50:50 joint venture between Jio Financial Services Limited (JFSL) and global investment giant BlackRock, has received final approval from the Securities and Exchange Board of India (SEBI) to begin its mutual fund operations.
The venture aims to disrupt India’s asset management landscape by combining JFSL’s deep local market insights and digital-first approach with BlackRock’s global investment expertise and cutting-edge risk management technology, including its proprietary Aladdin platform.
Jio Financial in a media statement said that key differentiators for all investors of the JioBlackRock Asset Management offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock’s pre-eminent risk management expertise.
Isha Ambani, Non-Executive Director at JFSL, highlighted the venture’s mission to democratise investing, saying; “Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian.”
Rachel Lord, Head of International at BlackRock, called the Indian asset management opportunity “tremendously exciting,” and emphasized the joint venture’s goal to deliver “institutional quality products at a lower cost directly to investors.”
JioBlackRock plans to launch a wide range of innovative, data-driven investment products in the coming months, with a strong focus on affordability and transparency for retail and institutional investors alike.
The company has appointed Sid Swaminathan as its Managing Director and CEO. A veteran of over two decades in asset management, Swaminathan previously led BlackRock’s International Index Equity business overseeing $1.25 trillion in assets under management.
“I am honoured to lead JioBlackRock Asset Management and help transform asset management in India by empowering investors to directly harness the potential of investing,” Swaminathan said.
JioBlackRock Asset Management would be the 47th asset management company in the Indian mutual fund industry, which has an AuM of Rs 68 lakh crore.