Latest news with #SidSwaminathan
India.com
6 days ago
- Business
- India.com
Mukesh Ambani eyes Rs 70000000000000 industry! finds ‘Aladdin's lamp', gets nod from…, this share skyrockets
Mukesh Ambani, India's richest man, alone is enough for Pakistan, his wealth is twice of Pakistan's annual budget, his net worth is.... Despite the decline in the domestic market, the shares of Jio Financial Services are rising. SEBI has given the nod to the joint venture of Jio Financial Services and BlackRock to start business in India. The mutual fund industry in India has an asset under management (AUM) of Rs 70 lakh crore. It is expected that Jio BlackRock Asset Management Private Limited will soon enter the mutual fund business in India. Following this news, JFSL shares are experiencing a significant boost. On Wednesday, the company's stock closed at Rs 291.50 on the BSE and reachedRs 299.20 in early trading today. Its 52-week high was Rs 368.30, on June 20 last year, while the 52-week low was Rs 198.60 on March 3 this year. After SEBI's approval the stock has seen a major upward trend. As per SEBI regulations, the company can commence business within six months. Sid Swaminathan has been appointed as the MD and CEO of Jio BlackRock. How Will It Benefit Mukesh Ambani? The mutual fund industry in India is growing rapidly. By the end of April, the industry's AUM was Rs 70 lakh crore. Jio BlackRock will become the 48th AMC (Asset Management Company) to enter this sector. Over the last 10 years, the mutual fund industry in India has grown at an annual rate of 18%. The country has 8.89 crore SIP accounts, with monthly systematic inflow of around Rs 26,632 crore. The company, on October 29, 2024, announced incorporation of two companies, 'Jio BlackRock Asset Management Private Limited' and 'Jio BlackRock Trustee Private Limited', to carry on the primary business of mutual fund, subject to regulatory approvals, it said. JFSL non-executive director Isha Ambani in a statement said, 'Our partnership with BlackRock is a powerful combination of global investment expertise and Jio's digital-first innovation.' Together, she said, '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.' (With Inputs From PTI)
Yahoo
6 days ago
- Business
- Yahoo
BlackRock Gets Regulatory Nod to Start Mutual Fund Business in India
BlackRock Inc. BLK and India-based Jio Financial have obtained approval from the Securities and Exchange Board of India to commence operations of their mutual fund joint venture (JV), Jio BlackRock Asset Management, plans to launch a broad range of investment products in the upcoming quarters based on a 'digital first' approach for retail and institutional products will apply BLK's capabilities in data-driven investing, including 'Aladdin.' Sid Swaminathan has been appointed as the managing director and chief executive at Jio BlackRock. In July 2023, BlackRock entered into a joint venture with Jio Financial, naming it Jio BlackRock, to revolutionize India's asset management industry. This 50:50 partnership combined the scale and investment expertise of BLK with the local market knowledge and digital infrastructure capabilities of Jio joint venture targeted an initial investment of $150 million each from BlackRock and Jio Financial. The primary goal is to democratize access to investment solutions and provide affordable, tech-enabled options for millions of investors in April 2024, both entities entered into a new joint venture to establish a wealth management and broking business in India to tap into the country's growing wealth business and rising retail investor base. This move aligns with BlackRock's growth strategy to strengthen its market share in domestic as well as global markets. The convergence of rising affluence, favorable demographics and digital transformation in India has created an incredible opportunity. Jio BlackRock aims to capitalize on this potential and reshape the investment March 2025, BlackRock acquired London-based Preqin for $3.2 billion to enhance its private markets offerings. In December 2024, the company announced a deal to acquire HPS Investment for $12.1 billion. In October 2024, it acquired Global Infrastructure Partners to enhance its infrastructural offerings and origination capabilities. In May 2024, BlackRock completed the acquisition of the remaining 75% stake in SpiderRock to boost its separately managed accounts BlackRock has established strategic alliances. Last September, it entered into a collaboration with Banco Santander to expand into infrastructure markets. Similarly, the company formed a partnership with Partners Group to introduce a multi-private markets model solution, boosting retail investors' accessibility to alternative investments. Shares of BlackRock have gained 1.5% against the industry's decline of 6.4% in the past three months. Image Source: Zacks Investment Research Currently, BLK carries a Zacks Rank #4 (Sell).You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Last week, The PNC Financial Services Group, Inc.'s PNC subsidiary, PNC Bank, agreed to acquire Aqueduct Capital Group. The acquisition is expected to close in mid-summer, subject to customary closing conditions. The terms of the deal were kept under planned acquisition will enhance the primary fund placement capabilities of PNC Financial's subsidiary Harris Williams, which is a global investment bank specializing in mergers and acquisitions and private capital advisory services, serving clients Capital One COF completed the acquisition of Discover Financial. The $35-billion transaction reshapes the landscape of the credit card industry, creating a behemoth (in terms of loan volume).At the time of the announcement (February 2024), it was noted that the Capital One-Discover merger will likely generate and deliver attractive accretion and returns for its shareholders. Expense synergies of $1.5 billion in 2027, coupled with network synergies of $1.2 billion, underscore the value-creation potential of the merger. The transaction will result in a more than 15% accretion to adjusted non-GAAP EPS by 2027. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The PNC Financial Services Group, Inc (PNC) : Free Stock Analysis Report BlackRock (BLK) : Free Stock Analysis Report Capital One Financial Corporation (COF) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Economic Times
28-05-2025
- Business
- Economic Times
JioBlackRock receives Sebi approval to launch mutual fund business in India
BlackRock manages assets worth $11.58 trillion globally as of March 31. Blackrock had exited India in 2018 by selling its stake in DSP Blackrock Mutual Fund. JioBlackRock, a joint venture between Mukesh Ambani's Jio Financial Services and BlackRock, is set to launch its mutual fund business in India. The company has received approval from Sebi. Sid Swaminathan of BlackRock has been appointed as managing director and chief executive. This marks BlackRock's re-entry into the Indian market after exiting in 2018. Tired of too many ads? Remove Ads Mumbai: JioBlackRock Asset Management, a joint venture between Mukesh Ambani's Jio Financial Services and US-based BlackRock, has received Sebi approval to start the mutual fund business in Swaminathan, a BlackRock veteran, has been appointed as its managing director and chief executive, said a July 2023, Jio and BlackRock had announced a pact to create Jio BlackRock, a 50:50 JV, marking the US-based asset manger's re-entry into the Indian market after it exited in 2018. BlackRock manages assets worth $11.58 trillion globally as of March 31. Blackrock had exited India in 2018 by selling its stake in DSP Blackrock Mutual Fund.
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.
