BlackRock has struck a joint venture with the financial services arm of Indian tycoon Mukesh Ambani’s empire to launch a digital-first asset manager aimed at serving India’s growing investor population.
BlackRock, the world’s largest money manager, and Jio Financial Services each plan to invest up to $150mn in the 50-50 venture. The announcement comes less than a week after Jio Financial Services officially demerged from Ambani’s larger Reliance Industries conglomerate, India’s biggest listed company by market share.
While property and jewellery have long been assets of choice for many Indian households, the companies will hope to profit from the growing pool of savers who are including financial products in their retirement plans.
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