Jio Financial and Blackrock form JV for wealth management and broking bizz

16 Apr 2024 , 11:41 AM

Jio Financial Services revealed on Monday that it has formed a new joint venture (JV) with BlackRock Inc, a US company, aimed at establishing a wealth management and brokerage firm in India. This move comes within a year of the launch of their previous asset management venture.

Jio Financial Service, a subsidiary of billionaire Mukesh Ambani’s Reliance Group, said the joint venture hopes to enter India’s growing profitable wealth market by establishing a wealth management firm and, later, a brokerage company.

According to a recent Jefferies analysis, India’s wealth managers oversee $1-1.2 trillion in financial assets owned by the country’s high net worth people.

In June of last year, both the companies formed a joint venture in India, where they equally contributed $150 million each to offer asset management services.

Jio Financial Services is a non-deposit-taking, non-banking financial enterprise that specialises in retail lending, merchant lending, payments bank operations, payment solutions, and insurance broking.

The organisation strategically targets a wide range of consumer categories, with an emphasis on people and small companies in India’s cities, towns, and villages. Its goal is to offer a full range of sustainable financial services.

Jio Financial Services’ financial activities are managed by subsidiaries including Jio Finance Limited (JFL), Jio Insurance Broking Limited (JIBL), and Jio Payment Solutions Limited (JPSL). It also runs a joint venture, Jio Payments Bank Limited (JPBL).

At around 10.32 AM, Jio Financial was trading 2.96% higher at ₹364.80, against the previous close of ₹354.30 on NSE. The counter touched an intraday high and low of ₹371.95, and ₹362.80, respectively.

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