BlackRock and Jio Financial Services to form India-based asset management JV

• Jio BlackRock will have its own management team
• Over the past 17 years, BlackRock India has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore
• Based in New York City, BlackRock was founded in 1988

BlackRock and Jio Financial Services have agreed to form Jio BlackRock, which will focus on providing access to affordable investment solutions for investors in India.

JFS and BlackRock are targeting an initial investment of $150 million each in the JV.

On the JV, Rachel Lord, chair & head of APAC, BlackRock, said in a statement: “India represents an enormously important opportunity. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionise India’s asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India.”

Jio BlackRock will have its own management team.

Over the past 17 years, BlackRock India has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore.

Based in New York City, BlackRock was founded in 1988.