Latest news with #JFS
Malaysiakini
7 days ago
- Politics
- Malaysiakini
LGBTQ+ folk face isolation, bullying amid PAS initiatives
Growing anti-LGBTQ+ rhetoric spurred by the recent signboard initiative in PAS-led states risks deepening self-censorship and social isolation within the community, cautioned rights group Justice for Sisters (JFS). JFS co-founder and researcher Thilaga Sulathireh asserts that the initiative, framed under the guise of morality, will only further marginalise the LGBTQ+ community and entrench fear in public discourse. She also anticipates a rise in...
Time of India
27-05-2025
- Business
- Time of India
Can Ambani do mutual fund magic with Aladdin?
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Billionaire Mukesh Ambani , the chairman of Reliance Group , is entering a business which has grown suddenly in recent years: mutual funds. Jio BlackRock Asset Management , a 50:50 JV between Jio Financial Services of Reliance and the world's largest asset manager, BlackRock Inc, has received a nod from India's markets regulator Sebi to start operations for their mutual fund business.'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,' said Sid Swaminathan, the newly appointed Managing Director & BlackRock Asset Management plans to launch a range of investment products in the coming months based on a "digital first" approach for retail and institutional investors. The products will apply BlackRock's capabilities in data-driven investing including ' Aladdin ', the US-based firm's investment and risk management system, Jio BlackRock is Aladdin?Aladdin is short for Asset, Liability , and Debt and Derivative Investment Network. Much like Amazon that commercialised its cloud platform after using it for captive purposes, BlackRock developed the Aladdin portfolio management system for its own holdings. It was then sold to clients as a software as a service to manage risk, move money across asset classes and analyse consumer data, besides tracking fund performance and changing portfolio values.'Aladdin will find a perfect launch pad in JFS as Mukesh Ambani's financial services play rests on a digital backbone from his existing ecosystem,' an official in the know had told ET when the JV was being formed. 'Although lending to consumers and merchants will be JFS's mainstay, it will look to also bulk up its non-lending side like insurance and asset and wealth management as well.'The Aladdin platform combines sophisticated risk analytics with comprehensive portfolio management, trading and operations tools on a single platform to power informed decision-making, effective risk management, efficient trading and operational to BlackRock, as a central processing system for investment management, Aladdin integrates and connects functions that help manage money. From portfolio management and trading to compliance, operations, and risk oversight, Aladdin brings together people, processes, and systems to help support a seamless investment process. Aladdin allows teams across investments, trading, operations, administration, risk, compliance, and corporate oversight to use a consistent process and share the same data. Aladdin creates value by helping to enable informed decision-making, effective risk management, and efficient and its risk analytics are relied upon by over 200 institutions, including BlackRock. Clients include insurers, pensions, corporations, asset managers, banks, and official Nair, the global head of Aladdin at BlackRock and a senior managing director and member of Blackrock's Global Executive Committee, had told Fortune in an interview two years ago, "Aladdin, in its beginning days, began as a risk-management technology, helping to understand the answers to very basic questions like: What do I own? And where do I own it? And what is the performance of this asset relative to the benchmark. And it just grew and grew. And the more you can keep all of your employees on the same page, using the same data, collaborating on the same technology, the more effectively you can serve your clients and the more efficiently you can operate."Aladdin fits well into Ambani's plan of using data and technology to disrupt the Indian financial markets. Apart from deep pockets, both Ambani and Blackrock bring tech and data to the table. Ambani has spoken about his plans to offer tech-enabled access to affordable, innovative investment solutions for millions of investors in India. While the consumer data generated by Ambani's retail and telecom business will come handy for the asset management JV, BlackRock brings to Ambani its famed asset management technology, and Aladdin — the deep pockets, market experience and execution power of Reliance plus the expertise in investment and risk management and sharp technology of BlackRock — have come together to bite into a growing mutual fund market in India. The assets under management (AUM) of the Indian mutual fund industry touched the Rs 70 lakh crore mark."India's asset management industry is undergoing a structural transformation, driven by rising investor maturity, fintech adoption, and regulatory reforms," Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal Financial Services Ltd., has written in ET. "With assets under management in direct mutual fund plans growing steadily, the sector is witnessing a democratisation of investment, spearheaded by younger, digital-first investors. This evolving landscape presents a compelling opportunity from an investment perspective. This transition has been accelerated by the rise of fintech platforms like Groww and Zerodha , which offer commission-free investment options with easy digital onboarding. While corporates continue to dominate direct AUM at 61%, retail participation is gaining traction, particularly through systematic investment plans (SIPs)."India's mutual fund landscape, being reshaped by technology and retail investors, is a perfect playground for Jio BlackRock Asset Management. Many think re-entry of Blackrock, after it ended its JV with DSP five years ago by selling its 40% stake to the partner, through JV with Jio Financial Services, will become a Reliance Jio-like disruptor for the mutual fund industry. But India's mutual fund industry is different from the telecom industry with just a few incumbents. The mutual fund industry is highly regulated and rules out Ambani's signature aggressive price play which had left telecom incumbents bruised and battered. However, Ambani will hope to ride on the huge scale that the business promises and fast-changing money habits of Indians who are drawn to mutual funds so much that banks are running low on deposits. Plus, the JV will ride on the data trails of lending and payments businesses of Jio Financial Services which, in turn, is driven by data from telecom and retail businesses of Ambani.
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Business Standard
27-05-2025
- Business
- Business Standard
Jio BlackRock AMC gets Sebi approval, names Sid Swaminathan as CEO
Jio BlackRock Asset Management (AMC) has received the final approval from the Securities and Exchange Board of India (Sebi) to start a mutual fund (MF) business, the company said on Tuesday. The approval to the 50:50 joint venture between Jio Financial Services (JFS) and BlackRock takes the number of players in the ₹70-trillion MF industry to 48. The MF licence is a key milestone for the venture, which was first announced on 26 July 2023. The company had received in-principle approval from Sebi for the MF foray on 4 October 2024. Jio BlackRock said it plans to offer innovative products at competitive pricing. 'Key differentiators for all investors of the Jio BlackRock offering will include competitive and transparent pricing and innovative products, supported by the application of BlackRock's pre-eminent risk management expertise,' it said in a release, while highlighting BlackRock's proprietary technology platform, Aladdin. The joint venture will be headed by Sid Swaminathan as its Managing Director and Chief Executive Officer (CEO). He was previously Head of International Index Equity at BlackRock, where he was responsible for assets under management (AUM) of $1.25 trillion, according to the release. 'Our [JFS] 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,' said Isha Ambani, Non-Executive Director, JFS.
Yahoo
01-04-2025
- Politics
- Yahoo
San Diego migrant shelter closes doors with numbers plummeting after Trump immigration crackdown: report
A large migrant shelter in San Diego is closing its doors as the county continues to see a drastic drop in asylum seekers since President Donald Trump took office. As of Monday, CBS8 News San Diego reported, the Crowne Plaza Hotel in Mission Valley is returning to its original purpose and no longer serves as a migrant shelter. The shelter was reportedly run by Catholic Charities. Fox News Digital reached out to the organization for comment but did not immediately receive a response. This latest migrant shelter closure comes after the Jewish Family Service of San Diego announced in February it would close its center and lay off 115 employees due to "changes in federal funding and policy." Mayor Eric Adams Says Nyc's Roosevelt Hotel Migrant Shelter Will Soon Close "Jewish Family Service of San Diego (JFS) is working to meet the evolving needs of the community in response to recent and anticipated federal policy changes," the organization previously said. "With a deep commitment to its core value of 'Welcome the Stranger,' JFS is focusing its immigration efforts on providing pro bono legal services and community support resources." Read On The Fox News App The shelter had operated in San Diego County as a regional migrant shelter for over six years prior to its closure. The non-governmental organization (NGO) said it has not received new asylum-seeking families or individuals since the CBP One phone app went down Jan. 20. The app, which allowed immigrants to be paroled into the U.S., was created during the first Trump administration to assist with scheduling cargo inspections. San Diego Migrant Shelter Closes After No New Arrivals Since Trump Took Office; Over 100 Employees Laid Off It expanded in 2023 to allow migrants to make an appointment at a port of entry to be allowed in, initially due to an exception from the Title 42 public health order. Since May, they have had the potential to be paroled into the U.S. as part of the Biden administration's expansion of "lawful pathways." U.S. Border Patrol reports that year-over-year migrant encounters with its agents in February declined by nearly 95%. According to the Los Angeles Times, arrests have gone from more than 1,200 per day during their peak last April to 30 to 40 per day. "To say there has been a dramatic change would be an understatement," Jeffrey Stalnaker, acting chief patrol agent of the San Diego sector of the border, told the newspaper. As of the end of December, more than 936,500 individuals had made appointments to be paroled through the app, according to Customs and Border Protection. "With migrants no longer able to use the CBP One application, the San Diego Rapid Response Network (SDRRN) Migrant Shelter Services, operated by JFS, has not received new asylum-seeking families and individuals released from short-term federal custody into our care. Due to these changes in federal funding and policy, the SDRRN Migrant Shelter Services will be paused until there is better understanding of future community needs," the statement continued. Denver Scaling Back Migrant Services, Closing Four Shelters In Effort To Reduce Budget, Save Millions The organization received $22,077,365 in taxpayer-funded FEMA money in fiscal year 2024 despite claiming it received no funds, according to grant records on the FEMA website. A massive migrant shelter in Manhattan was also closed in February after New York City Mayor Eric Adams' office announced that "fewer than 45,000 migrants are in the city's care." His office said that this number was "down from a high of 69,000 in January of 2024 and out of the more than 232,000 that have arrived in New York City seeking city services since the spring of 2022." Adams' office said the Roosevelt Hotel shelter opened in May 2023 "during the height of the international asylum seeker crisis, with the city receiving an average of 4,000 arrivals each week." "The site has provided a variety of supportive services to migrants, including legal assistance, medical care and reconnection services, as well as served as a humanitarian relief center for families with children," it added. "In recent months, the average number of registrants has decreased to approximately 350 per week. Going forward, these intake functions and supportive services will now be integrated into other areas of the system." The converted site, which has about 1,000 rooms, has processed more than 173,000 migrants since its opening in May 2023, according to a previous statement by the city. The City of Denver also scaled back migrant services that same month, closing four migrant shelters and announcing it would "consolidate shelters with the goal of saving the city millions of dollars." During the final few weeks of Joe Biden's presidency, around 400-500 new migrants were requesting city help every week, the New York Post reported. Fox News' Bill Melguin, LIndsay Kornick and Greg Norman contributed to this article source: San Diego migrant shelter closes doors with numbers plummeting after Trump immigration crackdown: report
Fox News
01-04-2025
- Politics
- Fox News
San Diego migrant shelter closes doors with numbers plummeting after Trump immigration crackdown: report
A large migrant shelter in San Diego is closing its doors as the county continues to see a drastic drop in asylum seekers since President Donald Trump took office. As of Monday, CBS8 News San Diego reported, the Crowne Plaza Hotel in Mission Valley is returning to its original purpose and no longer serves as a migrant shelter. The shelter was reportedly run by Catholic Charities. Fox News Digital reached out to the organization for comment but did not immediately receive a response. This latest migrant shelter closure comes after the Jewish Family Service of San Diego announced in February it would close its center and lay off 115 employees due to "changes in federal funding and policy." "Jewish Family Service of San Diego (JFS) is working to meet the evolving needs of the community in response to recent and anticipated federal policy changes," the organization previously said. "With a deep commitment to its core value of 'Welcome the Stranger,' JFS is focusing its immigration efforts on providing pro bono legal services and community support resources." The shelter had operated in San Diego County as a regional migrant shelter for over six years prior to its closure. The non-governmental organization (NGO) said it has not received new asylum-seeking families or individuals since the CBP One phone app went down Jan. 20. The app, which allowed immigrants to be paroled into the U.S., was created during the first Trump administration to assist with scheduling cargo inspections. It expanded in 2023 to allow migrants to make an appointment at a port of entry to be allowed in, initially due to an exception from the Title 42 public health order. Since May, they have had the potential to be paroled into the U.S. as part of the Biden administration's expansion of "lawful pathways." U.S. Border Patrol reports that year-over-year migrant encounters with its agents in February declined by nearly 95%. According to the Los Angeles Times, arrests have gone from more than 1,200 per day during their peak last April to 30 to 40 per day. "To say there has been a dramatic change would be an understatement," Jeffrey Stalnaker, acting chief patrol agent of the San Diego sector of the border, told the newspaper. As of the end of December, more than 936,500 individuals had made appointments to be paroled through the app, according to Customs and Border Protection. "With migrants no longer able to use the CBP One application, the San Diego Rapid Response Network (SDRRN) Migrant Shelter Services, operated by JFS, has not received new asylum-seeking families and individuals released from short-term federal custody into our care. Due to these changes in federal funding and policy, the SDRRN Migrant Shelter Services will be paused until there is better understanding of future community needs," the statement continued. The organization received $22,077,365 in taxpayer-funded FEMA money in fiscal year 2024 despite claiming it received no funds, according to grant records on the FEMA website. A massive migrant shelter in Manhattan was also closed in February after New York City Mayor Eric Adams' office announced that "fewer than 45,000 migrants are in the city's care." His office said that this number was "down from a high of 69,000 in January of 2024 and out of the more than 232,000 that have arrived in New York City seeking city services since the spring of 2022." Adams' office said the Roosevelt Hotel shelter opened in May 2023 "during the height of the international asylum seeker crisis, with the city receiving an average of 4,000 arrivals each week." "The site has provided a variety of supportive services to migrants, including legal assistance, medical care and reconnection services, as well as served as a humanitarian relief center for families with children," it added. "In recent months, the average number of registrants has decreased to approximately 350 per week. Going forward, these intake functions and supportive services will now be integrated into other areas of the system." The converted site, which has about 1,000 rooms, has processed more than 173,000 migrants since its opening in May 2023, according to a previous statement by the city. The City of Denver also scaled back migrant services that same month, closing four migrant shelters and announcing it would "consolidate shelters with the goal of saving the city millions of dollars." During the final few weeks of Joe Biden's presidency, around 400-500 new migrants were requesting city help every week, the New York Post reported. Stepheny Price is a writer for Fox News Digital and Fox Business. She covers topics including missing persons, homicides, national crime cases, illegal immigration, and more. Story tips and ideas can be sent to
