Jio Financial Services, BlackRock Joint Venture Enters Into Stock Broking Business

Jio BlackRock Investment Advisers Private Limited, a joint venture between Jio Financial Services (JFS) and BlackRock, incorporated a wholly-owned subsidiary named Jio BlackRock Broking Private Limited on January 20, 2025. This new entity will focus on stock broking activities, subject to obtaining regulatory approvals​.

Details of Investment

Jio BlackRock Investment Advisers Private Limited was established in September 2024 to primarily offer investment advisory services. Both JFS and BlackRock invested ₹3 crores each in the joint venture. The new subsidiary has been formed to expand its financial services into the broking business​.

Appointment and Collaboration

George Heber Joseph was appointed as the Chief Investment Officer (CIO) of Jio BlackRock Asset Management Company in December 2024. Furthermore, CAMS (Computer Age Management Services) has been selected as the Registrar and Transfer Agent (RTA) for the proposed Jio BlackRock Mutual Fund, subject to necessary approvals​.

Expansion Into Mutual Funds

Jio BlackRock Investment Advisers received in-principle approval from SEBI to start its mutual fund business in October 2024. This was part of the company’s diversification in the financial services sector​.

Financial Performance in Q3 FY25

For the quarter ending December 2024, Jio Financial Services reported a consolidated profit of ₹295 crore, which remained flat compared to ₹294 crore in Q3 FY24. This was a decline from the ₹689 crore profit recorded in Q2 FY25. The company’s assets under management (AUM) grew, reaching ₹4,199 crore in Q3 FY25 from ₹1,206 crore in Q2 FY25​.

On January 21, 2025, the share price of Jio Financial Services opened at ₹277.25. As of 1:31 PM, the share price stood at ₹265.30, down by ₹10.40 (3.77%) for the day, showing a 22.22% decline over the past six months but a 10.34% gain over the past year.

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