BlackRock continues its aggressive worldwide expansion with the launch of a joint venture with Jio Financial Services of India. The two parties will, initially, commit $150 million apiece to their new platform, which will offer investment services.
According to a Financial Times report on Wednesday, BlackRock seeks to take advantage of the growing popularity of digital assets in India. An area of the market where BlackRock, which recently filed for approval of a spot Bitcoin ETF, has ambitions few other asset managers can match.
BlackRock and Jio’s Partnership
Jio’s owner is the tycoon and multibillionaire Mukesh Ambani. The firm may have been looking for a new partner since decoupling from another Ambani venture, Reliance Industries Conglomerate, the FT report suggests.
But whatever the motives on Jio’s side, the move cannot fail to impress many as the newest step in a plan of sweeping Asia-wide, and global, growth on the part of BlackRock.
Just this past Monday, news broke that BlackRock had made two high-level appointments to spearhead its expansion in China and Singapore.
Mandy Lui came aboard as head of Greater China Wealth, with a purview including Hong Kong and Taiwan as well as mainland China. Dennis Quag became head of Singapore Wealth. The appointments help consolidate a dominant global position, resting largely on an active presence in 36 countries and counting.
Go to Source to See Full Article
Author: Michael Washburn
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
