KUALA LUMPUR, July 27 (Bernama) -- Financial technology provider, BlackRock and Jio Financial Services Limited (JFS) announced an agreement to form Jio BlackRock, a 50:50 joint venture combining the respective strengths and trusted brands of BlackRock and JFS.
The joint venture is to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India, according to a statement.
Jio BlackRock brings BlackRock’s deep expertise and talent in investment management, risk management, product excellence, access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities and robust execution capabilities.
Together, the partnership will introduce a new player to the India market with a unique combination of scope, scale and resources with both companies targeting initial investment of US$150 million each in the joint venture. (US$1=RM4.52)
“We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India,” said BlackRock Chair & Head of APAC, Rachel Lord.
Meanwhile, JFS President and Chief Executive Officer, Hitesh Sethia said: “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.
“Jio BlackRock will be a truly transformational, customer centric and digital-first enterprise with the vision to democratise access to financial investment solutions and deliver financial well-being to the doorstep of every Indian.”
The joint venture will launch operations post receipt of regulatory and statutory approvals, with its own management team.
-- BERNAMA
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