Jio Financial Services Ltd.'s share price rose 3.74% after the company's joint venture with BlackRock, JioBlackRock Asset Management Pvt., received regulatory approval from the Securities and Exchange Board of India to commence operations as an investment manager for their mutual fund business in India.
JioBlackRock Asset Management plans to leverage the strengths of its two sponsors—JFSL's digital reach and understanding of the local market, combined with BlackRock's global investment expertise and leading risk management technology, the company said in a press release.
The joint venture has appointed Sid Swaminathan as managing director and chief executive officer. Swaminathan brings over 20 years of asset management experience to the role, having previously served as head of international index equity at BlackRock, overseeing an AUM of $1.25 trillion.
Key differentiators for all investors of the JioBlackRock Asset Management offerings will include competitive and transparent pricing and innovative products, supported by the application of BlackRock's pre-eminent risk management expertise, the release said. This includes Aladdin, BlackRock's globally renowned proprietary technology platform that unifies the investment management process through a common data language.
"For retail investors, the offering will also be distinctive for its digital-first customer proposition. JioBlackRock Asset Management aims to launch a range of investment products, including those that apply BlackRock's industry leading capabilities in data-driven investing, over the coming months," the company said in the release.
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