Jio Financial and Black Rock Partner up for Wealth Management and broking in India

Jio Financial Services limited. the demerged arm of Reliance and Black Rock Inc. have joined hands to form a Joint Venture for Wealth Management and Broking business in India.

It is going to be a 50:50 Joint Venture with $150 million investment from both the firms to enter the asset management business in India.

The Joint Venture is still subject to regulatory and statutory approvals as the entities are waiting for their mutual fund licenses from the Securities and Exchange Board of India (SEBI).

Rachel Lord, Chair & Head of APAC, BlackRock, said: “India represents an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways”.