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In another major business move by billionaire Mukesh Ambani, his Jio Financial Services has partnered with global asset management giant, BlackRock, to launch a joint venture, Jio BlackRock, that will provide asset management services in India. According to reports, the Mukesh Ambani-led venture has named Sid Swaminathan, a 20-year-old veteran in the asset management arena, to lead the venture.
Swaminathan, will join the Jio BlackRock Asset Management as BlackRock, the world’s largest asset manager, is assembling a team of veteran industry leaders to prepare for breaking into India’s expanding asset management business, they said.
Besides Swaminathan, Komal Narang has been named as the venture’s chief client officer, R. Arun has joined the fixed income team, while Prateek Nigudkar has been appointed as a fund manager from DSP Asset Managers, Additionally, Tanvi Kacheria from BlackRock US, will now be part of the firm India venture.
Mukesh Ambani-led Jio Financial Services Ltd. and BlackRock have inked a deal to create a joint venture on 50:50 partnership basis. Last year, the venture received approval from securities regulator SEBI to launch a mutual fund business.
According to market experts, Mukesh Ambani aims to turn the India’s financial sector upside down with the Jio-BlackRock joint venture, while asset management titan, that had exited the country in 2018, views this as an opportunity to tap into one of the world’s fastest-growing major economy.
Established in 1988, BlackRock is the world’s largest asset manager, boasting over $11.5 trillion in in assets under management as of 2024. The US-based multinational investment company was initially founded as an enterprise risk management and fixed income institutional asset manager.
BlackRock, headquartered in New York City, has 70 offices in 30 countries, and clients in 100 countries.
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