Jio Financial and Blackrock form JV to set up wealth management and broking business

Jio Financial Services said on Monday that it had entered into a new joint venture (JV) with U.S.-based BlackRock Inc to set up a wealth management and broking business in India less than a year after launching an asset management venture.

Jio Financial Service, part of billionaire Mukesh Ambani-led Reliance Group, said the JV aims to tap into India's increasingly lucrative wealth business and will include the incorporation of a wealth management firm and, subsequently, incorporation of a brokerage company.

India's wealth managers look after $1-1.2 trillion of financial assets owned by the country's high net-worth individuals, as per a recent Jefferies report.


Last June, the companies formed a 50:50 joint venture to launch asset management services in India and had pledged an initial investment of $150 million each.