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BlackRock Advisors Singapore and Jio Financial forms India advisory JV | Mint

Livemint

Livemint · 11m ago

BlackRock Advisors Singapore and Jio Financial forms India advisory JV | Mint

Indian firm Jio Financial Services has partnered with BlackRock Advisors Singapore to form a joint venture called Jio BlackRock Investment Advisers Pvt Ltd. The new company, subject to regulatory approval, will provide investment advisory services in Singapore. Jio Financial Services plans to invest INR30m ($410,000) in the venture. The non-banking financial firm has also received a Certificate of Incorporation from the Ministry of Corporate Affairs and approval to increase the limits of foreign investment.

Related News

JioBlackRock Broking receives SEBI approval to launch brokerage business

StartupTalky

StartupTalky · 2m ago

JioBlackRock Broking receives SEBI approval to launch brokerage business

JioBlackRock Broking, a subsidiary of Jio BlackRock Investment Advisers, received approval from SEBI to launch its brokerage business in India. The venture, a 50:50 partnership between Jio Financial Services and BlackRock, aims to provide affordable and technology-driven investment solutions. With this approval, JioBlackRock can now offer comprehensive investment services, fostering India’s shift from saving to investing. The move complements their asset management and advisory services, broadening their reach within the Indian investment sector.

RBI approves Jio Financial Services' conversion to core investment company

YourStory

YourStory · 1y ago

RBI approves Jio Financial Services' conversion to core investment company

The Reserve Bank of India (RBI) has given approval for Jio Financial Services Ltd to convert from a non-banking financial company (NBFC) to a core investment company (CIC). This conversion allows Jio Financial Services to primarily engage in acquiring shares and securities. Jio Financial Services recently launched the "JioFinance" app, which offers a range of financial services such as banking, transactions, bill settlements, and insurance advisory features. The company plans to expand its offerings to include lending, investment, and insurance services in the future. Additionally, Jio Financial Services announced a joint venture with BlackRock to provide wealth management and brokerage services in India.

Jio-BlackRock JV to enter wealth management, stock broking biz

Entrackr

Entrackr · 1y ago

Jio-BlackRock JV to enter wealth management, stock broking biz

Jio Financial Services and US-based BlackRock have formed a joint venture to launch wealth management and broking businesses in India. In an exchange filing on Monday, Reliance’s Jio said that it has signed a 50:50 joint venture for the purpose of undertaking the two business ventures. The duo had announced an agreement in July 2023 to form a 50:50 joint venture with a $150 million investment each to enter the asset management business in India. With this, BlackRock is re-entering India’s asset management sector nearly six years after exiting the joint venture with DSP Group in 2018. Jio will compete with the likes of Zerodha, Upstox, Groww, AngelOne, and ICICI Securities, Paytm, PhonePe, ETMoney, Scripbox in the overcrowded market of stockbroking and wealth management. Tata Neu is also planning to start offering stock broking services soon. Entrackr exclusively reported the development. In February, fintech unicorn CRED made an entry into the wealth management space with the acquisition of mutual fund investing platform Kuvera.

India’s mutual fund sector heats up: Jio-BlackRock venture cleared, Sanlam buys stake in Shriram AMC

YourStory

YourStory · 3m ago

India’s mutual fund sector heats up: Jio-BlackRock venture cleared, Sanlam buys stake in Shriram AMC

The Securities and Exchange Board of India (SEBI) has approved the Jio BlackRock mutual fund venture, allowing Jio BlackRock Asset Management to manage assets. This partnership between Jio Financial Services and BlackRock aims to enhance asset management in India with a digital-first approach. Meanwhile, South Africa’s Sanlam acquired a 23% stake in Shriram AMC, entering India’s mutual fund industry and strengthening its partnership with Shriram Group by co-promoting the country’s first listed asset management company.

Jio Financial-BlackRock applies for mutual fund licence with SEBI

Livemint

Livemint · 1y ago

Jio Financial-BlackRock applies for mutual fund licence with SEBI

Jio Financial Services and BlackRock have applied for a mutual fund license with the Securities and Exchange Board of India (SEBI). The application, which was submitted on October 19, is currently under consideration. Jio BlackRock aims to bring affordable and innovative investment solutions to millions of investors in India through a digital-first approach.

Jio Financial Services, BlackRock infuse Rs 117 Cr in mutual fund business

YourStory

YourStory · 7m ago

Jio Financial Services, BlackRock infuse Rs 117 Cr in mutual fund business

Jio Financial Services Ltd and BlackRock have invested Rs 117 crore in their joint venture, Jio BlackRock Asset Management, with each subscribing to 5.85 crore equity shares. Additionally, Jio BlackRock Investment Advisers established a subsidiary for broking. JFSL's third-quarter profit remained steady at Rs 295 crore, with increased total income of Rs 449 crore and expenses rising to Rs 131 crore. SEBI approval for Jio BlackRock Asset Management is pending.

JFS, BlackRock Get SEBI In-Principle Nod To Set Up Mutual Fund

Inc42 · 10m ago

JFS, BlackRock Get SEBI In-Principle Nod To Set Up Mutual Fund

- Jio Financial Services awaits final SEBI approval for registration, subject to fulfillment of requirements by both Jio and BlackRock. - In-principle approval was issued by SEBI on October 3. - Jio Financial Services and BlackRock formed a joint venture agreement over a year ago to enter the Indian asset management sector.

Jio BlackRock has made a solid start. The real test lies ahead

Livemint

Livemint · 1m ago

Jio BlackRock has made a solid start. The real test lies ahead

Jio BlackRock, a joint venture between Jio Financial Services and BlackRock, launched in the Indian mutual fund market, collecting ₹17,800 crore from its first three debt-oriented schemes. Institutional investors typically dominate this category. While the venture's start is promising, its future success depends on its ability to scale operations and potentially disrupt the Indian mutual fund industry. Mukesh Ambani's Jio Financial Services is keen on expanding its presence in financial services through this initiative.

Jio BlackRock Mutual Fund Appoints Leadership Team to Drive Operations

OutlookIndia

OutlookIndia · 2m ago

Jio BlackRock Mutual Fund Appoints Leadership Team to Drive Operations

Jio BlackRock Asset Management, a joint venture between Jio Financial Services and BlackRock, has appointed a leadership team to drive operations. The team, led by Managing Director and CEO Sid Swaminathan, includes Amit Bhosale as Chief Risk Officer, Amol Pai as Chief Technology Officer, and Biraja Tripathy as Head of Product. With SEBI approval, the firm aims to transform investing in India, making it more accessible and affordable through digital innovation and a customer-centric approach.

Stocks on Radar: Jio Financial, GAIL-AM Green, Lupin FDA, Paytm AI, Gravita India in focus | Oct 07

Money Control

Money Control · 10m ago

Stocks on Radar: Jio Financial, GAIL-AM Green, Lupin FDA, Paytm AI, Gravita India in focus | Oct 07

- SEBI approves Jio Financial and BlackRock to set up a mutual fund - GAIL partners with AM Green for renewable energy projects - Lupin receives USFDA inspection findings - Paytm's CTO takes on new AI innovation role - Gravita India plans to raise funds

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