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JioBlackRock Asset Management has received final approval from the Securities and Exchange Board of India (SEBI) to start its mutual fund business in India.
The company has also announced the appointment of Sid Swaminathan as its Managing Director and CEO.
A 50:50 joint venture between Jio Financial Services Limited (JFSL) and global asset management giant BlackRock, the entity aims to tap into India's rapidly growing Rs 70 lakh crore mutual fund industry.
Swaminathan, the newly appointed CEO, 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."
With over two decades of experience in the asset management industry, Swaminathan previously served as Head of International Index Equity at BlackRock, overseeing $1.25 trillion in assets under management. Prior to that, he also served as Head of Fixed Income Portfolio Management for Europe at BlackRock, responsible for Systematic and Indexed strategies.
The AMC will also leverage BlackRock's proprietary technology platform Aladdin, a renowned proprietary technology platform that unifies the investment management process through a common data language. On the retail side, JioBlackRock aims to offer a digital-first customer experience, targeting wide accessibility and ease of use.
Backdrop to the Jio-BlackRock alliance
The Jio-BlackRock joint venture was first announced in July 2023 and received SEBI's in-principle approval in October 2024.
BlackRock's return marks its re-entry into the Indian mutual fund space after nearly seven years; the firm had exited the market in 2018 following the sale of its 40 per cent stake in DSP Mutual Fund.
With mutual fund assets steadily rising and strong retail participation, India's asset management sector continues to attract new entrants.
As of March 25, 2025, SEBI is reviewing in-principle approval applications from five new players, including Marcellus Investment Managers and Nuvama Wealth Management.
Last month, Capitalmind Financial Services received SEBI's final approval to launch Capitalmind Mutual Fund, further underlining the growing interest in India's mutual fund landscape.
Also read: Altiva SIF: Edelweiss enters SEBI's new fund space
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