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Stock Market: Strategic Alliance of Jio Financial and Blackrock Forge Partnership for Wealth Management and Broking Business
JIO FINANCE AND BLACKROCK PARTERNSHIP FOR WEALTH MANAGEMENT
The companies said in July 2023 that they agreed to work together in a joint venture, where each would invest $150 million. They planned to start a new business in India focused on managing assets, with both parties owning an equal share of 50%.
On April 15, Jio Financial Services shared big news: they've teamed up with BlackRock, a US company, to start a new business in India focusing on managing wealth and brokering. This means they'll work together on managing people's money and setting up a brokerage firm.
Jio Financial Services, which is backed by the Reliance Group, explained in a filing that they've agreed to share ownership equally with BlackRock in this venture. They plan to set up a company for managing wealth and later a brokerage firm in India.
This isn't the first time Jio Financial Services and BlackRock have joined forces. Last July, they announced a similar partnership to enter the asset management business in India, with each investing $150 million.
This new venture strengthens our partnership with BlackRock, Inc.," said Jio Financial Services. They're excited about the opportunity to use digital technology to make investing easier and more accessible to people in India.
The launch is subject to regulatory and statutory approvals.
The companies are also waiting for approval from SEBI, India's market regulator, for their mutual funds license.
Rachel Lord, who leads BlackRock in Asia-Pacific, mentioned earlier, "India is a huge opportunity. As more people become wealthier, the population grows, and technology advances, the market is changing a lot. We're thrilled to work with JFS to change how people manage their money in India. Jio BlackRock will use the power of both our companies to help millions of investors in India."
As of now, Jio Financial Services' shares were trading at Rs 354.40.
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