Jio Financial Services and BlackRock announced Joint Venture for wealth management and brokerage business

Jio Financial Services: Jio Financial Services and BlackRock have decided to work together. Both the companies will together form a joint venture with 50-50 percent stake. This JV will work in wealth management and brokerage business. This JV will include Jio Financial Services and BlackRock Inc and BlackRock Advisors Singapore Pte. This joint venture was announced on Monday.

Will do wealth management and brokerage work

Jio Financial Services said in its stock exchange filing that the new company will work as a wealth management and brokerage company. According to JFS, the foundation of this partnership was laid on July 26, 2023 itself. This joint venture will work to bring change in the asset management industry. We will try to provide different methods of investment to the customers. For this we will focus on making digital products. The launch of wealth management and brokerage business will depend on regulatory approvals. On Monday, shares of Jio Financial Services closed at Rs 354.40, down about 4.82 per cent on BSE.

Waiting for mutual fund license

Jio Financial Services, owned by Mukesh Ambani's Reliance Group, said that at present they are also waiting for the approval of mutual fund license from the market regulator SEBI. Earlier, BlackRock APAC head Rachel Lord had said that India is a huge opportunity for us. We also want to be a part of the country's population and the digital transformation taking place here. There are crores of investors here. Here we are very excited about the partnership with Jio Financial Services. This joint venture will bring major changes in the asset management industry and financial futures.

Jio Financial has separated from Reliance

Jio Financial Services is a financial services providing company. It was earlier a subsidiary of Reliance Industries. It was registered in the Indian stock exchange in August 2023. This company provides payment solutions and insurance. BlackRock Inc. is an American investment MNC. It is the world's largest asset management company. As of December 31, 2023, the company's AUM was approximately $10 trillion.

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