Billionaire Mukesh Ambani’s financial services ambitions continue to gain momentum. Jio BlackRock Investment Investment Advisers, the 50:50 joint venture between Reliance Industries arm Jio Financial Services and investment giant BlackRock, has received approval from the Securities and Exchange Board of India (SEBI) to commence operations as an investment adviser in the country.
This announcement comes close on the heels of the market regulator approving Jio BlackRock to start operations as an investment manager for its mutual fund business in India on May 26.
With this license for advisory business, Jio BlackRock Investment Advisers said it will now focus on developing a digital-first product designed to meet the evolving needs of today’s investors.
Marc Pilgrem has been appointed as the MD and CEO of Jio BlackRock Investment Advisers. Pilgrem has been in the global financial services industry for over 25 years. He previously served as the Head of Specialist Clients and Investment Trusts for Europe, the Middle East and Africa at BlackRock.
He said the company’s work was to make “high-quality investment advice more accessible and affordable through a digital-first approach.”
“As Indian investors increasingly seek personalized, insight-driven financial solutions, this joint venture is poised to democratize access to world-class advisory services,” said Hitesh Sethia, MD and CEO of Jio Financial Services.
Sid Swaminathan, who was previously head of International Index Equity at BlackRock, was earlier appointed as the MD and CEO of Jio BlackRock Asset Management.
“Our partnership with BlackRock is a powerful combination of global investment expertise and Jio’s digital-first innovation. Together, we are committed to making investing simple, accessible, and inclusive for every Indian,” Isha Ambani, non-executive director of Jio Financial Services, has said.
Also Read
- Dancing through the dips: How diversification of investments can help you achieve your financial goals
- Personal finance: Are Gen-Z reckless with savings, or are they better at it than millennials?
- Friday the 13th, no more! Sensex, Nifty recover on June 16, jump almost 1 per cent as India posts 14-month low WPI inflation
Reliance Industries had demerged its financial services arm into a separate listed entity named Jio Financial Services back in 2023. The company already has a presence across insurance broking, payment banks, payment solutions loans and leasing.
Earlier this week, Jio BlackRock Asset Management unveiled its website and launched an early access initiative, whereby individuals could preview the platform before public launch, access simple, engaging educational content on investing and be among the first to explore Jio BlackRock’s digital-first investment solutions.
