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Updated : May 30, 2025, 02:09 PM IST
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Mukesh Ambani's Jio Financial Services Limited (JFSL) has partnered with the world's largest asset management company, BlackRock, to form a joint venture called Jio Blackrock Asset Management Private Limited. This venture marks Ambani's entry into the mutual fund industry and has also received SEBI nod.
BlackRock was founded by Larry Fink in 1988 and has grown to become a global leader in investment management, with assets under management (AUM) of approximately $11.58 trillion, which is roughly three times India's GDP. It is also way more than the world's richest man Elon Musk's net worth, which is USD 429.4 billion.
Fink's journey began with a degree in political science and an MBA in real estate from UCLA. He started his career at First Boston, where he became a managing director and co-head of the Taxable Fixed Income Division. After a significant loss in 1986, Fink started his own company, which eventually became BlackRock. With AUM of $11.58 trillion, BlackRock has significant stakes in various sectors worldwide, including tech giants like Apple, Amazon and Google. The company's influence extends globally, with operations in 30 countries and clients in 100 countries.
Isha Ambani, Non-Executive Director of 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."
