Jio Financial ties up with BlackRock to offer advisory services

Jio Financial Services Ltd has tied up with BlackRock Advisors Singapore Pte Ltd to form an investment advisory joint venture.

Jio BlackRock Investment Advisers Pvt. Ltd was incorporated on 6 September “to carry on” the “primary business of investment advisory services, subject to regulatory approvals,” Jio Financial Services said in a filing.

Shares of Jio Financial Services on Monday were trading 0.6% below the previous session’s close at ₹334.70.

The company will invest ₹3 crore towards an initial subscription of 3 million equity shares of face value ₹10 each, the filing said, adding that the certificate of incorporation was received from the ministry of corporate affairs on 7 September.

Jio Financial Services, the demerged financial services subsidiary of billionaire Mukesh Ambani’s Reliance Industries Ltd, had earlier announced a joint venture for asset management and wealth management with BlackRock.

In August, Jio Finance Ltd, the non-banking financial services arm of Jio Financial Services, said it was in the advanced stages of rolling out home loan products, along with other financia services such as loans against property and loans on securities.