JioBlackRock Asset Management gets SEBI approval for mutual funds business
Jio BlackRock Asset Management Private Ltd (JioBlackRock Asset Management), a 50:50 joint venture between Jio Financial Services Ltd (JFSL) and BlackRock, has 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, the company said in a statement.
'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,' it added.
The company plans to launch a range of investment products, including those that apply BlackRock's industry-leading capabilities in data-driven investing, over the coming months.
Isha Ambani, Non-Executive Director, JFSL, 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.'
'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,' she added.
Rachel Lord, Head of International at BlackRock, said: '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,' she added.
Sid Swaminathan has been appointed as MD & CEO of the new asset management company.
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