The world’s largest asset manager BlackRock is re-entering India with the financial services arm of India’s tycoon Mukesh Ambani. The two industry majors have struck a deal to form a joint venture, called “Jio BlackRock”, aimed at serving India’s growing investor base.
BlackRock, which had $9.4 trillion assets under management at the end of June, together with Jio Financial Services is targeting an initial investment of $150 million each into the new 50/50 venture.
The “digital-first” service will deliver “tech-enabled access to affordable, innovative investment solutions” for India’s investors, the statement said. The latest move is BlackRock’s second attempt to gain entry into India’s burgeoning asset management industry.
