Jio Financial Services Ltd has entered into an agreement with BlackRock Inc and BlackRock Advisors Singapore Pte Ltd to establish a 50:50 joint venture to focus on undertaking wealth management activities, according to a statement.
“The company, BlackRock, Inc. (“Blackrock, Inc.”) and BlackRock Advisors Singapore Pte. Ltd. (“Blackrock”) today, at 6.35 p.m. have signed an agreement to form a 50:50 joint venture between the company and Blackrock, for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India,” Jio Financial said in a stock exchange filing on April 15.
The wealth management activities will include the incorporation of a wealth management company, as well as the subsequent establishment of a brokerage company in India.
This joint venture further strengthens the company’s relationship with Blackrock, Inc., with whom the company had announced a 50:50 joint venture on July 26, 2023 to transform India’s asset management industry through a digital-first offering and democratise access to investment solutions for investors in India, Jio Finance Services said in the filing.
The launch of the wealth management and broking business is subject to regulatory and statutory approvals.
This venture builds on the foundation laid by their previous partnership, announced on July 26, 2023, to transform India’s asset management industry through a digital-first approach and democratising access to investment solutions for Indians.
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