Mukesh Ambani’s Jio Financial Services intends to form an equal joint venture (JV) with US-based BlackRock to enter the stockbroking and wealth management industries. Jio has partnered with the largest asset manager in the world to launch an asset management company in India. On Monday, the firm and BlackRock joined a joint venture to integrate the new companies.
In July 2023, the two companies had already partnered to join India’s roughly Rs 50 trillion mutual fund sector. Each of the two corporations had declared that they will invest $150 million towards the asset management sector in India. Jio stated in an exchange filing that BlackRock, Inc. and BlackRock Advisors Singapore Pte had reached an agreement with the company to establish a 50:50 joint venture (JV) to carry out wealth business activities, such as incorporating a wealth management company and subsequently establishing a brokerage company in India. When the firm wants to start its wealth management and brokerage services, it must apply to Sebi for different licenses.
Jio Financial Services is the recently separated financial services division of Reliance Industries, owned by billionaire Mukesh Ambani.
A Jefferies analysis claims that institutional platforms oversee more than half of India’s wealthy individuals’ $1–1.2 trillion financial assets. A third of the assets are under the management of banks, with the remaining 12–14% under the control of Indian wealth managers.
Also Read:
Express Creative Styling With Elegant Designs From Melis: Sahar Alaufi
