Jio Financial Services and BlackRock Launch Two Joint Ventures to Enter Mutual Funds Market
Jio Financial Services and BlackRock form two joint ventures to launch mutual fund services in India. The new entities, Jio BlackRock Asset Management and Jio BlackRock Trustee, were incorporated following SEBI's initial approval, marking JFSL's entry into asset management.
Jio Financial Services and BlackRock Launch Two Joint Ventures to Enter Mutual Funds Market
Jio Financial Services Ltd (JFSL), the financial arm of Reliance Industries, has announced the formation of two joint venture entities in partnership with BlackRock to enter the mutual fund sector. The new companies, named Jio BlackRock Asset Management Private Limited and Jio BlackRock Trustee Private Limited, were incorporated on October 28, 2024. Both entities will focus on delivering mutual fund products in India, pending final regulatory approvals.
The strategic partnership follows in-principle approval from the Securities and Exchange Board of India (SEBI), granted earlier this month. JFSL has committed an investment of INR 82.9 crore for a 50% stake in each company, allocating INR 82.5 crore to Jio BlackRock Asset Management and INR 40 lakh to Jio BlackRock Trustee. This venture represents JFSL’s ambitious move into India’s asset management space.
Initially proposed in July 2023, the joint venture aims to combine BlackRock's global investment expertise with Jio’s local market reach. In October 2023, the two partners filed for mutual fund registrations with SEBI, moving one step closer to providing innovative mutual fund solutions in India.
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