Mumbai: Jio BlackRock Asset Management Private Limited (JioBlackRock Asset Management), a 50:50 joint venture between Jio Financial Services Limited and BlackRock has received regulatory approval from the Securities and Exchange Board of India (SEBI) to commence  operations as an investment manager for their mutual fund business in India, the company announced today.

JioBlackRock Asset Management will bring an innovative investment proposition to the growing number of  Indian retail mutual fund investors, as well as to institutional investors in India. The asset management company  will seek to leverage the unique strengths of its two sponsors: JFSL’s digital reach and its deep understanding  of the local market, alongside BlackRock’s global investment expertise and leading risk management  technology.

Key differentiators for all investors of the JioBlackRock Asset Management offering will include competitive and  transparent pricing and innovative products, supported by the application of BlackRock’s pre-eminent  risk management expertise. 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.

Isha Ambani, Non-Executive Director, JFSL, said: “India’s rapid growth is driven by a new generation with bold  aspirations. 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. I am confident that JioBlackRock Asset Management will play a transformative role in shaping the  future of financial empowerment in India.”

Rachel Lord, Head of International at BlackRock, said: “The opportunity in asset management in India today  is tremendously exciting. JioBlackRock’s digital-first customer proposition, delivering institutional quality  products at a lower cost directly to investors, will enable more people in India to enjoy the many benefits of  access to the capital markets. Together with our partner JFSL, we look forward to contributing to the country’s  continued evolution from a nation of savers to a nation of investors.”

JioBlackRock Asset Management also announced the appointment of Sid Swaminathan as it’s  Managing Director and Chief Executive Officer (CEO).

Sid Swaminathan brings over 20 years of asset management experience to the role. He was previously Head  of International Index Equity at BlackRock, where he was responsible for an AUM of $1.25 trillion. Prior to that,  he served as the Head of Fixed Income Portfolio Management for Europe at BlackRock, responsible for  Systematic and Indexed strategies.

Sid Swaminathan, Managing Director & CEO, Jio BlackRock Asset Management Private Limited, said: “JioBlackRock Asset Management aims to digitally deliver institutional quality investment products to investors  across India and contribute to the growth of the country’s investment ecosystem. I am honoured to lead  JioBlackRock Asset Management and help transform asset management in India by empowering investors to  directly harness the potential of investing.”