Jio BlackRock launches Aladdin investment platform for Indian investors
Jio BlackRock, a 50:50 joint venture between Jio Financial Services (JFSL) and BlackRock, on Monday introduced Aladdin, which it described as a unique investment analytics and risk management platform.
"Investing should be simple. And it should work for you. That's the belief that brought Jio Financial Services and BlackRock together. We've blended Jio's digital-first approach with BlackRock's global investment expertise to build solutions around what Indian investors truly need," the mutual fund company said in a post on X.
For the first time ever, Aladdin—BlackRock's investment analytics and risk management platform—is now available in India, it added.
"This is just the beginning. We are here to redefine investing by making it accessible and affordable for you. We are Jio BlackRock Mutual Fund," it said.
In late May, Jio BlackRock Mutual Fund received SEBI's approval to commence operations as an investment manager for its mutual fund business in India. On June 11, the company also informed the exchanges that Jio BlackRock Investment Advisers (JBIAPL) had received approval from the Securities and Exchange Board of India (SEBI) to operate as an investment adviser.
The company has appointed Amit Bhosale as Chief Risk Officer, Amol Pai as Chief Technology Officer, and Biraja Tripathy as Head of Product, among others. Earlier this year, both partners invested ₹ 66.5 crore ($7.78 million) into the joint venture, bringing their total investment to ₹ 84.5 crore.
The joint venture was first announced on July 26, 2023, when Jio Financial Services and BlackRock revealed plans to enter India's asset management industry.
India's wealth management and mutual funds is witnessing significant growth, driven by a rising number of demat accounts in recent years. Asset management companies reported impressive performance in the March quarter, reflecting the increasing trend of stock investing, supported by higher disposable income and a growing number of affluent individuals.
Projections indicate promising prospects for the wealth management industry, with expectations of a sharp increase in the number of high-net-worth individuals (HNIs) and ultra-high-net-worth individuals (UHNIs) in India.
Over the past five years, the number of individuals earning over ₹ 1 crore annually has risen by 15%. Forecasts suggest this figure will reach 3.4 lakh over the next five years, contributing to the sector's expansion.
Shares of Jio Financial Services have rebounded sharply from their April lows, gaining 36% to trade at ₹ 289 apiece. Jio Financial Services Limited—formerly known as Reliance Strategic Investments Limited, the demerged financial arm of Reliance Industries—entered the stock market on August 21, 2023.
It debuted at ₹ 265 per share on the BSE and ₹ 262 per share on the NSE, slightly above its discovered price of ₹ 261.85. The company operates as a non-deposit-taking, non-banking financial company, specializing in retail lending, merchant lending, payments bank operations, payment solutions, and insurance broking.
(With inputs from agencies)
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.
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