Jio BlackRock Asset Management receives SEBI approval for Mutual Funds business
Jio BlackRock Asset Management
on Tuesday received regulatory approval from the Securities and Exchange Board of India (
SEBI
) to commence operations as an investment manager for their mutual fund business in India.
JioBlackRock Asset Management will bring an innovative investment proposition to the growing number of Indian retail mutual fund investors, as well as to institutional investors in India, according to a press release.
The asset management company will seek to leverage the unique strengths of its two sponsors: JFSL's digital reach and its deep understanding of the local market, alongside BlackRock's global investment expertise and leading risk management technology.
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Key differentiators for all investors of the JioBlackRock Asset Management offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock's pre-eminent risk management expertise. This includes Aladdin, BlackRock's globally renowned proprietary technology platform that unifies the investment management process through a common data language.
For retail investors, the offering will also be distinctive for its digital-first customer proposition. JioBlackRock Asset Management aims to launch a range of investment products, including those that apply BlackRock's industry-leading capabilities in data-driven investing, over the coming months.
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"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. Together, we are committed to making investing simple, accessible, and inclusive for every Indian. I am confident that JioBlackRock Asset Management will play a transformative role in shaping the future of financial empowerment in India," said Isha Ambani, Non-Executive Director, JFSL.
'The opportunity in asset management in India today is tremendously exciting. JioBlackRock's digital-first customer proposition, delivering institutional quality products at a lower cost directly to investors, will enable more people in India to enjoy the many benefits of access to the capital markets. Together with our partner JFSL, we look forward to contributing to the country's continued evolution from a nation of savers to a nation of investors,' said Rachel Lord, Head of International at BlackRock.
JioBlackRock Asset Management also announced the appointment of Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO). Sid Swaminathan brings over 20 years of asset management experience to the role. He was previously Head of International Index Equity at BlackRock, where he was responsible for an AUM of $1.25 trillion.
Prior to that, he served as the Head of Fixed Income Portfolio Management for Europe at BlackRock, responsible for Systematic and Indexed strategies.
Swaminathan's deep understanding of investments – across asset classes, investment styles and geographies – will play a key role in his leadership of JioBlackRock Asset Management, as the JV works to deliver innovative investment products to millions of investors in India, the release 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. I am honoured to lead JioBlackRock Asset Management and help transform asset management in India by empowering investors to directly harness the potential of investing,' said Sid Swaminathan, Managing Director & CEO, Jio BlackRock Asset Management Private.
Jio
BlackRock Asset Management Private Limited (JBAMPL or JioBlackRock Asset Management) is a 50:50 joint venture between
Jio Financial Services Limited
(JFSL) and BlackRock ('the shareholders').
The shares of Jio Financial Services were trading at Rs 285 a piece on the BSE, up 1.15 per cent as of 1:55 pm on Tuesday.
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