JioBlackRock AMC receives Sebi approval for mutual funds business
JioBlackRock Asset Management, a 50:50 joint venture between Jio Financial Services and BlackRock, has received regulatory approval from the Securities and Exchange Board of India (Sebi) to commence operations as an investment manager for their mutual fund business in India.
The firm has appointed Sid Swaminathan as it’s managing director and chief executive officer (CEO). He said, “JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors across India and contribute to the growth of the country’s investment ecosystem.” Swaminathan brings over 20 years of asset management experience to the role. He was previously Head of International Index Equity at BlackRock, where he was responsible for an AUM of $1.25 trillion.
Prior to that, he served as the Head of Fixed Income Portfolio Management for Europe at BlackRock, responsible for Systematic and Indexed strategies.
The asset management company aims to leverage the unique strengths of its two sponsors: Jio Financial Services’ digital reach and its deep understanding of the local market, alongside BlackRock’s global investment expertise and leading risk management technology. This includes Aladdin, BlackRock’s globally renowned proprietary technology platform that unifies the investment management process through a common data language. The AMC aims to launch a range of investment products over the coming months.
Isha Ambani, Non-Executive Director, JFSL, said, “India’s rapid growth is driven by a new generation with bold aspirations. Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian.”
Rachel Lord, Head of International at BlackRock, said, “The opportunity in asset management in India today is tremendously exciting. JioBlackRock’s digital-first customer proposition, delivering institutional quality products at a lower cost directly to investors, will enable more people in India to enjoy the many benefits of access to the capital markets. Together with our partner JFSL, we look forward to contributing to the country’s continued evolution from a nation of savers to a nation of investors.”