JioBlackRock Asset Management has secured approval from the Securities and Exchange Board of India (SEBI) to launch its mutual fund operations in India.
This move marks the operational commencement of a joint venture equally owned by Jio Financial Services and BlackRock. The firm aims to blend Jio’s extensive digital infrastructure and local market insights with BlackRock’s global investment prowess and technical acumen.
At the helm is Sid Swaminathan, appointed as managing director and CEO. Swaminathan brings over 20 years of asset management experience, having previously overseen $1.25 trillion in assets as head of international index equity at BlackRock. He also led fixed income portfolio management for Europe at the same firm.
Swaminathan 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.”
The company plans to introduce a suite of investment products over the coming months, utilising BlackRock’s Aladdin technology platform. This tool is instrumental in integrating the investment management process through a unified data language, thus enhancing operational efficiency.
Jio Financial Services non-executive director Isha Ambani 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.”
The formation of JioBlackRock was announced in July 2023 by BlackRock and Jio Financial Services. The venture represents an initial combined investment of $150m by each partner, targeting tech-enabled affordable investment solutions for millions across India.
By combining BlackRock’s expertise in risk management and product development with Jio’s robust execution capabilities and market knowledge, the partnership introduces a significant new player in India’s financial landscape.
