Jio BlackRock secures approval to launch mutual fund business in India
Jio BlackRock Asset Management has secured approval from the Securities and Exchange Board of India (SEBI) to initiate its mutual fund operations in India.
This development allows the firm to operate as an investment manager, targeting both retail and institutional investors within the Indian market.
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In 2023, BlackRock and JFSL announced a 50:50 joint venture (JV), Jio BlackRock, leveraging the strengths and brands of both companies.
The company aims to introduce investment solutions tailored to the increasing demand from Indian retail mutual fund investors.
The asset management firm plans to utilise the combined strengths of its two parent companies, including Jio Financial Services Limited (JFSL), which offers digital reach and local market insights, and BlackRock that provides advanced risk management technologies.
JFSL non-executive director Isha Ambani said: “India’s rapid growth is driven by a new generation with bold aspirations. Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation.”
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By GlobalDataThe collaboration is expected to provide investors with competitive pricing and transparent offerings, supported by BlackRock’s risk management capabilities, including the Aladdin platform.
This proprietary technology integrates the investment management process through a unified data language.
Jio BlackRock Asset Management intends to focus on a digital-first approach for retail investors, aiming to launch a variety of investment products in the near future.
In conjunction with this announcement, the company has appointed Sid Swaminathan as managing director and CEO.
Swaminathan has more than 20 years of experience in asset management, having previously held the position of head of international index equity at BlackRock, where he managed assets worth $1.25tn.
Swaminathan said: “JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across India and contribute to the growth of the country’s investment ecosystem.”
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