Pro Crypto BlackRock Inks A Joint Venture With Indian Giant Jio
BlackRock has partnered with Mukesh Ambani’s financial services company Jio Financial Services. This opens the door for the biggest money manager in the world to establish a presence in the nation’s rapidly expanding asset management business. The joint venture’s initial investment is $150 million each from the two firms, according to a statement released on Wednesday by Jio Financial.
BlackRock And Jio Plans On Joint Venture
Jio and BlackRock, who together had $9.4 trillion in assets under management at the end of June, are to each invest up to $150 million in the 50-50 venture. Jio BlackRock will be the name of the joint enterprise.
The announcement comes days after Jio Financial Services was separated from Reliance Industries; the company, which has yet to establish a presence in India’s rapidly expanding financial services market, has been valued by the markets at close to $20 billion.
“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,” said Hitesh Sethia, CEO of JFS in the statement.
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India’s Asset Management Industry
The asset management sector in India has grown quickly in recent years, with assets under administration totaling $440 billion, or 44.3 trillion Indian rupees. Investors in India would have “tech-enabled access to affordable, innovative investment solutions” thanks to the “digital-first” service, according to the statement.
BlackRock is making its second attempt with this new endeavor to break into the rapidly growing asset management market in India. After operating in India for ten years, the American investment management company left in 2018 by selling its 40% share to partner DSP Group. In the statement, India has an “enormously important opportunity,” according to Rachel Lord, head of Asia-Pacific at BlackRock.
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