Jio BlackRock to Shake Up Funds Sector

The asset manager said it has raised more than $2.1 billion across three debt mutual fund schemes

- Reuters

Jio BlackRock Asset Management plans to introduce nearly a dozen equity and debt funds in India by the year-end, focusing on small-ticket investments and bypassing distributors to reduce costs, three people familiar with the firm's strategy said.

The joint venture between Jio Financial Services, backed by billionaire Mukesh Ambani, and BlackRock, enters India's ₹72.2 trillion ($844 billion) funds market with a business structure that threatens to shake up the sector, as it leverages its large digital network to bypass traditional distributors used by the rest of the industry.

Jio BlackRock plans to leverage Jio, India's largest telecom network, and BlackRock's investment management platform Aladdin, to offer differentiated products in the crowded market, two of the three sources said.