Jio BlackRock Investment Advisers on June 11 announced that it has received approval from Securities and Exchange Board of India (SEBI) and Bombay Stock Exchange (BSE) to begin operations as an investment advisor in India.
Jio BlackRock Investment Advisers, which is a 50:50 joint venture between Jio Financial Services Limited and global asset manager BlackRock, said that it will now focus on building a digital-first product which is designed to meet the "evolving needs of today’s investors".
"We are pleased to announce that JioBlackRock Investment Advisers has received regulatory approval, marking a significant milestone in our partnership with BlackRock. As Indian investors increasingly seek personalized, insight-driven financial solutions, this joint venture is poised to democratize access to world-class advisory services. We are confident that JioBlackRock will redefine the future of wealth creation in India by empowering investors with global expertise and local relevance," said Hitesh Sethia, Managing Director and CEO of Jio Financial Services Limited.
Rob Goldstein, Chief Operating Officer of BlackRock, meanwhile said, "India is one of the fastest growing and most dynamic investment markets in the world. JioBlackRock Investment Advisers will benefit from the power of BlackRock’s global investment expertise and market-leading technology, combined with the local market knowledge and digital innovation and reach of our partner Jio Financial Services. The strength of this unique combination will enable us to provide world-class, personalised investment advice, as we work to help millions of people in India to achieve better financial futures, including longterm goals like retirement."
Along with SEBI's approval, the company also announced the appointment of Marc Pilgrem as its Chief Executive Officer (CEO) and MD.
Pilgrem has an experience of over 25 years in global financial services. He earlier served as the Head of Specialist Clients and Investment Trusts for Europe, the Middle East and Africa at BlackRock. At his previous role, he led initiatives to enhance client engagement and expand BlackRock’s investment trust offerings across the region.
Prior to joining BlackRock, Pilgrem served as the Chief Operating Officer and Head of Business Strategy for iShares EMEA, overseeing strategic planning and operational execution for BlackRock’s exchange-traded fund business.
"I’m excited and honoured to lead JioBlackRock Investment Advisers’ work to make high-quality investment advice more accessible and affordable through a digital-first approach. We’re building a service that reflects the needs of today’s investors in India– simple, transparent, and grounded in expertise," he said.
Earlier in May, the joint venture company had said that it has received regulatory approval from SEBI to commence operations as an investment manager for their mutual fund business in India.
Disclosure: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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