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Mumbai (Maharashtra) [India], July 26 (ANI): <keyword id="15323576" type="General" weightage="20" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword> Limited (JFS) and BlackRock [NYSE: BLK] on Wednesday announced an agreement to form <keyword id="18155266" type="General" weightage="80" keywordseo="jio-blackrock" source="Orion">Jio BlackRock</keyword>, a 50:50 joint venture that combines the respective strengths and trusted brands of BlackRock and JFS to deliver tech-enabled access to affordable, innovative investment solutions for millions of investors in India. According to a press release, Jio BlackRock brings BlackRock's deep expertise and talent in investment management, risk management, product excellence, and access to technology, operations, scale, and intellectual capital around markets, while JFS contributes local market knowledge, digital infrastructure capabilities, and robust execution capabilities. "Together, the partnership will introduce a new player to the Indian market with a unique combination of scope, scale, and resources. JFS and BlackRock are targeting an initial investment of US$150 million each in the joint venture", it added <keyword id="4992253" type="General" weightage="50" keywordseo="rachel-lord" source="Orion">Rachel Lord</keyword>, Chair and Head of APAC, BlackRock said, "India represents an enormously important opportunity. The convergence of rising affluence, favorable demographics, and digital transformation across industries is reshaping the market in incredible ways. We are very excited to be partnering with JFS to revolutionize India's asset management industry and transform financial futures. Jio BlackRock will place the combined strength and scale of both of our companies in the hands of millions of investors in India." Speaking on this transaction, Hitesh Sethia, President and CEO, JFS said, "This is an exciting partnership between JFS and BlackRock, one of the largest and most respected asset management companies globally. The partnership will leverage BlackRock's deep expertise in investment and risk management along with the technology capability and deep market expertise of JFS to drive the digital delivery of products. Jio BlackRock will be a truly transformational, customer-centric, and digital-first enterprise with the vision to democratize access to financial investment solutions and deliver financial well-being to the doorstep of every Indian." The joint venture will launch operations post-receipt of regulatory and statutory approvals. The company will have its own management team. BlackRock's purpose is to help more and more people experience financial well-being, the release stated. "As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock", it further stated. Further, the release said, "<keyword id="18155200" type="General" weightage="20" keywordseo="blackrock-india" source="Orion">BlackRock India</keyword> is at the very heart of our global operating platform, enabling us to innovate our business to benefit clients. Over the past 17 years, our India platform has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore powering our global network by employing talents across investments, alternatives, operations, analytics and modelling, and corporate functions." Jio Financial Services Limited (JFS) through its operating subsidiaries and joint ventures will offer a broad range of financial services solutions addressing the needs of both consumers and merchants. JFS will use technology as a key enabler to reach customers directly, it added. (ANI)

Jio Financial services and BlackRock to form India asset management joint venture

<ul><li>Reliance Industries first entered the financial services business in the early 80s. </li><li>Mukesh Ambani’s RIL had tried to enter the sector again in 2011 with a JV, but it never took off. </li><li>With the might of telecom, retail and wholesale business, it can now foray into consumer and merchant businesses easily, say analysts. </li></ul>The listing of <keyword id="15323576" type="General" weightage="20" keywordseo="Jio-Financial-Services" source="Orion">Jio Financial Services</keyword> would be a momentous occasion not just for investors but also Reliance Industries. It's been a while since the Mukesh Ambani led Reliance Industries has had ambitions of entering the financial services sector. The idea took shape back in 1986 but that business went to Anil Ambani after the family split the businesses after the patriarch’s death. India’s fifth largest financial services company, Jio Financial Services, was born recently with a valuation of ₹1 lakh crore, right after this business was spun off from the parent, Reliance Industries. However, it was conceived at least two decades back by a young Mukesh Ambani who had seen the opportunity to provide the services ‘over the phone’ as the undivided Reliance group entered the telecom business. Dialling back the clock In 1986, Reliance Industries had incorporated a company called <keyword id="18176620" type="General" weightage="20" keywordseo="reliance-capital-finance-trust" source="Orion">Reliance Capital &amp; Finance Trust</keyword>. Back then, the group was run by its founder <keyword id="6418409" type="General" weightage="50" keywordseo="dhirubhai-ambani" source="Orion">Dhirubhai Ambani</keyword>. This was an era of public sector banks and access to credit was restricted. The company started off with annuity yielding businesses like leasing, bill discounting, and inter-corporate deposits. It also listed on the bourses in 1990, and took the name Reliance Capital in 1995. In 1993, the company diversified into portfolio investment, lending against securities, custodial services, money market operations, project finance advisory services and investment banking. Later, it obtained a non-banking finance company (NBFC) licence in 1998. It later diversified into asset management, mutual funds, life and general insurances, commercial and industrial finance, stock broking and more. Back in 2002, when Mukesh Ambani launched the group’s telecom service under Reliance Infocomm the plans for financial services were in lockstep with the telecom services for it. But before he could build this business on the back of CDMA powered telecom business, both the businesses changed hands and went into Anil Ambani as the group split in 2005. Reliance Capital went to Anil Ambani back in the day. Fast forward eight years and the elder brother Mukesh Ambani, made a second coming at the telecom <a href="https://economictimes.indiatimes.com/industry/telecom/ril-pulls-off-a-coup-to-buy-bwa-champion-infotel/articleshow/6039789.cms?from=mdr">business by acquiring Infotel Broadband </a> in 2010. It was a dramatic coup, where he bought into the company owned by Mahendra Nahata hours after it acquired pan-India broadband wireless access spectrum to launch high speed data services or 4G broadband. Yet again in 2011, Mukesh Ambani’s RIL made another attempt at foraying into the financial services business by forging a financial services JV with global PE and hedge fund major DE Shaw. The JV had grand but futuristic plans to launch energy and carbon trading derivatives, along with PE, mutual funds and other security linked offerings. Unlike its telecom business which disrupted and took over the market, this JV progressed slowly and soon hit a wall in 2017 when both the venture partners gave up and <a href="https://www.business-standard.com/article/companies/de-shaw-reliance-joint-venture-surrenders-membership-on-bourses-118070301333_1.html">surrendered their memberships at both</a> BSE and NSE. The story, however, did not end there, it merely paused. The stars have now aligned Now, the stars have aligned for the business — with a wide offline and online presence — that weaves in the rapid digitisation of financial offers across the country – it’s making a grand comeback. Jio Financial Services will be powered by the group’s wide retail presence in over 15,000 stores across formats be it supermarkets, digital stores. Its digital offerings have a vast customer base of over 400 million in telecom and over 200 million in retail, with some overlap. The financial services business has direct and indirect means to reach the consumers, and also has relationships with kirana stores, thanks to Reliance Retail’s cash and carry business — giving them an inlay into merchant business too. More importantly, it has the wealth of data – that can keep it far apart and cut above most fintechs, gathered from non-financial relationships. “It can process and analyse this data in real time, to offer financial services, similar to Alibaba, Amazon, Apple, Facebook and Google. Also, unlike other fintechs, JFS will have a large balance sheet, not be asset-light and eventually manufacture most product offerings, giving it a significant competitive advantage, in our view,” says Macquarie. JFS' key advantage will be low funding cost/ better access on the back of the group's high credit rating and ownership of 6.1% stake in RIL. “In the backdrop of the group's large presence in retail &amp; telecom segments that drive a customer base of 20 million as well as vendor partnerships, JFS' first port of call could be consumer lending (esp. electronics) &amp; merchant financing,” opines Jefferies. Since the demerger, the company has been moving fast. It announced a deal with one of US’ largest investment companies <keyword id="158169" type="General" weightage="20" keywordseo="blackrock" source="Orion">Blackrock</keyword> to launch an asset management company. Most analysts expect it to start services by September. RIL already has a non banking financial company licence, which it can leverage to kick start consumer/merchant lending. “IRDA has been open to giving insurance licences and RIL may get into insurance verticals. JFS can be a real threat to fintech business models as well as NBFCs, in our view,” says Macquarie. And most of them believe that Jio Financial Services has the ability to disrupt the sector as it did in the telecom sector in 2016.

The legacy behind Mukesh Ambani’s Jio Financial Services

<ul><li>The world’s largest asset manager with assets of $8.59 trillion under management is excited about India.</li><li>Fink says India offers an unprecedented opportunity to transform the asset management industry by launching affordable and transparent investment products.</li><li><keyword id="3820" type="General" weightage="10" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> says JFS will prove to be an invaluable addition to the <keyword id="10926" type="General" weightage="80" keywordseo="reliance" source="Orion">Reliance</keyword> ecosystem of customer-facing businesses. </li></ul> The annual general meeting of Reliance Industries is never devoid of star power. At the 46th AGM of the company, <keyword id="47013" type="General" weightage="80" keywordseo="larry-fink" source="Orion">Larry Fink</keyword>, the chairman and chief executive officer of BlackRock , addressed the shareholders of Reliance Industries, following the announcement of its partnership with the newly minted Jio Financial Services for the asset management business. Fink said: “BlackRock is already one of the largest non-Indian investors in India today, and India lies at the heart of our global platform... Global investors recognise that India is at the cutting edge of digital transformation, in large part because Reliance and Jio have built a digital and consumer ecosystem unparalleled anywhere else in the world.” Blackrock, the world’s largest asset manager with assets of $8.59 trillion under management, is excited about India for a variety of reasons. Given India’s young population, digital access and rising affluence, Fink said that there is an unprecedented opportunity to transform the asset management industry by introducing a full-service tech-enabled asset manager with affordable and transparent investment products to meet the needs of every segment of the society. The convergence of rising affluence, favourable demographics, and digital transformation across industries is reshaping the market in incredible ways. Fink said: “We see growing financialisation and a shift from unmanaged and physical assets to saving and investing, and we expect this to increase as per capita GDP continues to rise and technology advances digital inclusion. Even though this AGM was not supposed to be include plans for Jio Finance, as it has been hived off as a separate company, Mukesh Ambani said that in the payments business, JFS would consolidate payments infrastructure with a ubiquitous offering for both consumers and merchants, further driving digital payment adoption for India. JFS products will not just compete with current industry benchmarks but also explore path-breaking features such as blockchain-based platforms and CBDC. They will adhere to the highest standards of security, regulatory norms and ensure protection of customer transaction data at all times. Jio Financial Services will enter the insurance segment to offer simple, yet smart, life, general, and health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way. Ambani added that just like Jio and Reliance Retail, JFS too will prove to be an invaluable addition to the Reliance ecosystem of customer-facing businesses. He said that there were three reasons that gave him the JFS would play a critical role in the success of Reliance Retail. The digital-first architecture of JFS will give Retail an unmatched headstart to reach millions of Indians. Second, RIL has provided JFS with a strong capital foundation to build a best-in-class, trusted financial services enterprise and achieve rapid growth. Reliance has capitalized JFS with a net worth of Rs 120,000 crore to create one of the world’s highest capitalised financial service platforms at inception. He lauded the Jio Fin team under the leadership of KV Kamath, former chairman of ICICI Bank. ALSO READ: <a href="https://www.businessinsider.in/business/corporates/news/ril-agm-isha-akash-and-anant-ambani-to-join-ril-board-nita-ambani-steps/articleshow/103132457.cms" data-type="tilCustomLink" target="_blank">Isha, Akash and Anant Ambani to join RIL board, Nita Ambani steps down</a>

Not content being a large foreign investor, BlackRock’s boss Larry Fink says India is at the heart of its global platform

<ul><li>Market is not rushing to downgrade <keyword id="17277356" type="General" weightage="90" keywordseo="jio-fin" source="Orion">Jio Fin</keyword> rivals just yet, despite its deep pockets and ability to disrupt.</li><li><keyword id="2003276" type="General" weightage="70" keywordseo="jio" source="Orion">Jio</keyword> Fin’s aggression in the unsecured loan business will decide how badly rivals will be impacted in times to come.</li><li>Given that cost of funds for JFS is expected to be significantly lower than other NBFCs, it can price its offerings much better than rivals in consumer finance. </li></ul> A behemoth was born on Monday with the listing of the financial services business of <keyword id="6355199" type="General" weightage="80" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> on the exchanges. With the listing of <keyword id="15323576" type="General" weightage="100" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword>, the obvious question is the impact that this entity will have on other listed financial services players because it will take them head on. The obvious assumption is that companies that currently are in the consumer and MSME lending space will be directly impacted. Jio Fin’s rich parentage and high capital base will be its biggest advantage. The net worth of the newborn is higher than its nearest competitor and this will enable it to build a large loan book much faster. But this may not be enough to win in the marketplace as it is a total novice when it comes to underwriting and execution. The market will closely monitor Jio Fin’s aggression in the consumer finance business before downgrading its competitors. For now, the jury is out. Like all other businesses that Reliance has set foot in, even in financial services the market is expecting two things – scale and mega disruption. The first segment that Jio is set to rock first is the lending space. Jio Financial Services ahead of its listing on 18 August released some details on the structure of the company and businesses it would operate in. Jio Financial Services is not just a systemically important non-banking financial institution but also a core investment company (CIC). The RBI has mandated the conversion of Jio Fin into a CIC and NBFC over the next three months. What this essentially means is that all the other businesses will operate under this holding company as subsidiaries. In time, all the subsidiaries could also be listed. The key businesses that Jio Financial Services will be present include: Reliance Retail Finance, Reliance Retail Insurance Broking, Reliance Payment Solutions, Jio Payments Bank, the Asset Management Company will be a joint venture with Blackrock. Reliance Industrial Investments and Holdings will be the sole beneficiary of the 6.1% stake in Reliance Industries. Jio Information Aggregator Services will pursue the account aggregator business, which is yet to commence. Jio Infrastructure Management Services will offer project management services. The first segment that Jio Fin seeks to aggressively pursue is retail lending. The dominant player in this segment is Bajaj Finance, which offers small ticket loans to consumers to buy consumer durables. This business has been mastered by Bajaj Finance over the last decade and a half by tying up with stores like Vijay Sales and Croma. This is where Jio will strike first. Reliance Retail has over 550 digital stores against 517 stores owned by its two rivals Croma (387 stores) and Vijay Sales (130 stores). In merchant lending, its focus is on financing options for merchants in grocery, digital, fashion and pharma formats. According to Nomura, the focus of its MSME lending business will be better geographic penetration. Jio Fin will seek to meet the borrowing needs of small businesses that often resort to high-interest informal channels for small-ticket loans. The company will enter into secured loans in the medium term. Over a period of time Jio Fin will offer unsecured loans too. Sources in the banking industry believe that the new entrant will disrupt the sector with differentiated and cheaper offerings as it can afford to do it because of its strong capital base. The cost of funds of JFS are expected to be significantly lower than other NBFCs. According to Morgan Stanley, “The consolidated entity is starting with a capital base of Rs 114.1 bn as of March 2023 (Rs 193.5 bn ex-book value of RIL stake). If it were to allocate this capital to the lending business, this would likely result in it being among the largest NBFCs by net worth. While this implies significant capacity to lend, we will need to see the pace and mode of execution (organic/inorganic). Hence, the market will closely watch every move JioFS makes.” While the markets believe that Jio will put technology and analytics at the heart of the business, building data will take time. Also, given the competition in the sector, borrowing by consumers is high and that is also leading to higher delinquencies. Therefore, the franchise that Jio builds will matter more than the scale of the loan book. The other issue that analysts see is the capital base of the new entity. Jio Fin as a consolidated entity has a capital base of Rs 114,100 crore or Rs 1.14 trillion as of March 2023 (Rs19,350 crore ex-book value of RIL stake). According to Nomura, if Jio Fin were to allocate this capital to the lending business, this would likely result in it being among the largest NBFCs by net worth. “While this implies significant capacity to lend, we will need to see the pace and mode of execution (organic/inorganic). Hence, the market will closely watch every move JioFS makes,” the report adds.

Will Jio Fin follow the retail, telecom model and disrupt the financial services sector?

<ul><li>Stock offers a bouquet of financial services to investors across payments, lending, asset management and insurance.</li><li>Company has a balance sheet of Rs 1.1 trillion already and is the fifth largest financial services firm by capital.</li><li>The shareholding of <keyword id="15323576" type="General" weightage="90" keywordseo="jio-financial-services" source="Orion">Jio Financial Services</keyword> mimics the shareholding pattern of its parent RIL. Promoters (Ambani family) will hold 46% stake in the new company.</li></ul> Shares of <keyword id="15327441" type="General" weightage="100" keywordseo="jio-financial" source="Orion">Jio Financial</keyword> listed at Rs 262 per share on the exchanges on Monday but ended at a five percent lower circuit at Rs 248.9 per share. The listing kicks off the value unlocking process undertaken by <keyword id="6355199" type="General" weightage="20" keywordseo="Reliance-Industries" source="Orion">Reliance Industries</keyword>, which demerged its financial services arm earlier this year. Shares of <keyword id="17277356" type="General" weightage="60" keywordseo="jio-fin" source="Orion">Jio Fin</keyword>ancial, which was valued at $20 bn through a special trading session prior to its listing. This valuation makes Jio Fin the second most valued non-banking financial services firm in the country. The reason for the valuation of Jio Fin is primarily due to the 6.1% stake the company holds in Reliance Industries. The listing was expected to happen around Diwali but was advanced to 21 August. Jio Financial’s balance sheet at the end of FY23 was Rs 1.1 trillion and core net worth (ex cost of investment in shares of RIL) is Rs 31,600 crore. According to Jefferies, Jio FS also has investments in preference shares of associates and JVs worth Rs 17,600 crore. On asset side, investments are at Rs1.1tn which include MTM gains and the majority of residual assets are liquid assets. Jio Financial will compete with other behemoths like Paytm, Bajaj Finance and other bank-led lending platforms in times to come as it will offer a variety of services. The non-banking financial services firm will lend to both retail consumers as well as businesses and will also have a payments platform. Apart from the lending and payments businesses, it seeks to be present in insurance broking and asset management businesses. The management team will bank on team ramp-up &amp; digital platforms that are powered by data and analytics. The exchange derived price of Rs262/share includes value of stake in RIL &amp; valued the company at 2x on core price to book value. To begin with, Jio Financial will build a loan book comprising loans that will finance consumer durables sold at its retail stores while the merchant lending will include sellers on its fashion, grocery and pharma platforms. In the small and medium enterprises segment, the company aims to give out working capital loans to these businesses. The company has already announced a partnership with Blackrock for its asset management business. The shareholding of Jio Financial Services mimics the shareholding pattern of its parent RIL. Promoters (Ambani family) will hold 46% stake in the new company as is the case with RIL. The new financial behemoth’s chairman is <keyword id="396965" type="General" weightage="50" keywordseo="kv-kamath" source="Orion">KV Kamath</keyword>, the former CEO/Chairman of ICICI Bank and on board of RIL) Hitesh Sethia (earlier with ICICI Bank) is CEO of Jio Fin, while <keyword id="1476482" type="General" weightage="50" keywordseo="charanjit-attra" source="Orion">Charanjit Attra</keyword> is the COO (earlier CFO at SBI). According to global investment bank Jefferies, “While teams are being built across segments, management is planning to intensely focus on digital platforms across verticals. Its asset-backed balance sheet, strong credit rating and promoter backing would also help get access to funds at cheaper rates, especially after the merger of HDFC Limited with HDFC Bank.

Jio Financial slips 5% after listing at Rs 262 per share on exchanges

<keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword> Platforms is among the most <keyword id="11169583" type="UNKNOWN" weightage="20" keywordseo="influential-companies">influential companies</keyword> in the world, according to the 2021 TIME 100 Most Influential Companies. As per the TIME magazine, over the past few years, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> has built India's largest 4G network by charging some of the lowest data rates in the world. Now leading investors are turning to Jio Platforms, the holding company for <keyword id="10926" type="COMPANY" weightage="20" keywordseo="Reliance">Reliance</keyword>'s digital businesses, to reach its more than 410 million subscribers, it said. "Last year, Jio raised over $20 billion in capital, a testament to the value and potential of its rapidly growing user base," it said. This is the first ever list, TIME has come out with regarding the most influential companies in the world. that highlights businesses making an extraordinary impact around the world. To assemble it, TIME solicited nominations across sectors including health care, entertainment, transportation, technology and more from our global network of editors and correspondents, as well as from industry experts. Further, ed-tech company BYJU'S also has made it to the list. TIME said that as users of his company's signature <keyword id="235499" type="COMPANY" weightage="20" keywordseo="APP">app</keyword> nearly doubled to 80 million during the COVID-19 pandemic, Byju Raveendran, the founder went on a spending spree, fueled by funding from investors like Tencent and BlackRock. The BYJU'S summer acquisition of <keyword id="8080458" type="COMPANY" weightage="20" keywordseo="WhiteHat-Jr">WhiteHat Jr</keyword>, an app that teaches kids to code, along with the purchase of Silicon Valley educational-game maker <keyword id="2251704" type="COMPANY" weightage="20" keywordseo="osmo">Osmo</keyword> in 2019, gives the company a foothold in the US e-learning market. In April, the company announced plans to dramatically expand outside its home base in India, adding one-on-one lessons in the US, the UK, Indonesia, Mexico and Brazil. BYJU'S also snapped up a leading Indian test-prep school for almost $1 billion. The explosive growth has turned BYJU'S into one of India's most lucrative startups, increasing the company's expected value to $15 billion, up from $5.5 billion in July 2019, it said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/info-edge-shares-jump-by-2-5-as-markets-cheer-its-move-to-sell-750-crore-worth-shares-in-the-upcoming-zomato-ipo/articleshow/82285596.cms" style="">Info Edge shares jump by 2.5% as markets cheer its move to sell ₹750 crore worth shares in the upcoming Zomato IPO</a> <a href="https://www.businessinsider.in/india/news/covid-19-vaccine-phase-3-registration-on-cowin-and-aarogya-setu-not-working-for-18-on-28-april-morning/articleshow/82284828.cms" style="">COVID-19 vaccine phase 3: Anxious Indians are complaining of CoWIN and Aarogya Setu registration being delayed</a> <a href="https://www.businessinsider.in/stock-market/news/zomato-ipo-the-food-delivery-unicorn-has-filed-drhp-for-a-1-1-billion-initial-public-offering/articleshow/82286611.cms">Zomato reveals its much-awaited IPO plan and it’s worth $1.1 billion</a>

Mukesh Ambani's Jio Platforms listed in TIME magazine's 100 most influential companies in the world

Top 10 richest people in Asia in 2024

<ul><li>Old Bridge Capital Management (OBCM), has officially received the green light from <keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">SEBI</keyword> to launch its mutual fund activities under the name Old Bridge Mutual Fund.</li><li>Recently BlackRock and Jio Financial Services have reached an agreement to establish a JV aimed at entering India's asset management sector.</li><li>In August, Helios Capital received approval from SEBI to launch its mutual fund, Helios Mutual Fund. </li></ul>Indian investors will have more choice when it comes to mutual funds with new fund houses setting up shop. Portfolio management firm, Old Bridge Capital Management (OBCM), has officially received the green light from India’s market regulator, the Securities and Exchange Board of India (SEBI), to launch its mutual fund activities under the name Old Bridge Mutual Fund. Says Kenneth Andrade, Founder OBCM, "We are delighted to receive this licence to commence operations for Old Bridge Mutual Fund and will be launching our maiden actively managed <keyword id="6391506" type="General" weightage="20" keywordseo="equity" source="Orion">equity</keyword> scheme. As we move forward with our newly acquired licence, we remain committed to providing investors with long term investment solutions on its mutual funds platform as well.” Andrade is known for his expertise in equity portfolio management and deep insights into local markets. Moreover, besides his analytical skills, <keyword id="444072" type="General" weightage="20" keywordseo="risk-management" source="Orion">risk management</keyword> prowess, and effective communication, he upholds a long-term investment philosophy and an entrepreneurial spirit. <cmsannotation type="cmsannotation" annotationid="BlackRock and Jio Financial Services’ entry" comment="subhead" text="BlackRock and Jio Financial Services’ entry">BlackRock and Jio Financial Services’ entry</cmsannotation> OBCM is not a lone ranger in this. Other fund houses have also recently announced entry into the Indian mutual funds landscape. Recently, BlackRock and Jio Financial Services came to an agreement to establish a <a href="https://www.businessinsider.in/finance/news/jio-financial-services-and-blackrock-to-form-india-asset-management-joint-venture/articleshow/102156333.cms">joint venture </a>aimed at entering India's asset management sector. “"BlackRock India is at the very heart of our global operating platform, enabling us to innovate our business to benefit clients. Over the past 17 years, our India platform has grown to over 2,400 employees across offices in Mumbai, Gurgaon, and Bangalore powering our global network by employing talents across investments, alternatives, operations, analytics and modelling, and corporate functions,” said a release. <cmsannotation type="cmsannotation" annotationid="Samir Arora’s Helios Capital gets SEBI approval too" comment="subhead" text="Samir Arora’s Helios Capital gets SEBI approval too">Samir Arora’s Helios Capital gets SEBI approval too</cmsannotation> Just a month ago in August, veteran market voice Samir Arora, founder and fund manager at Helios Capital, shared that Helios Capital had received approval from SEBI to launch its mutual fund, Helios Mutual Fund. “"I am very happy to announce that SEBI has granted approval to Helios Mutual Fund. We need your wishes and support to make this new venture a success," Arora had tweeted. Founded in 2005, Singapore-based asset management firm Helios Capital oversees various funds, including a global long-only equity fund and long/short and long-only funds with an India focus. Arora has previously served as the chief investment officer for the Indian mutual fund division of Alliance Capital. Arora possesses strengths in global and emerging market investments, notably in India. His deep market knowledge, astute stock selection, and long-term perspective has contributed to successful investment outcomes.

India’s asset management market set for more star power as big boys jump in

Jamnagar (Gujarat) [India], February 28 (ANI): The pre-wedding festivities of Reliance Industries Chairman Mukesh <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>'s youngest son Anant Ambani, who is set to tie the knot with industrialist Viren Merchant's daughter, Radhika Merchant, have started with 'anna seva'. At Jogwad village near Reliance Township in Jamnagar, Mukesh Ambani, Anant Amband other members of the Ambani family, including Radhika Merchant, served traditional Gujarati food to the villagers. Radhika's maternal grandmother and parents - Viren and Shaila Merchant - also took part in the 'anna seva'. Food will be served to about 51,000 local residents, which will continue for the next few days. The Ambani family has organized 'anna seva' to seek the blessings of the local community for the pre-wedding celebrations of Anant Ambani and Radhika Merchant. After the meal, the attendees enjoyed traditional folk music. Famous Gujarati singer Kirtidan Gadhvi stole the show with his singing. Sharing food is an old tradition in the Ambani family. The Ambani family has been serving food on auspicious family occasions. When the country was grappling with coronavirus pandemic, Reliance Foundation, under the leadership of Anant Ambani's mother Nita Ambani, ran a large food distribution programme. Taking forward the family tradition, Anant Ambani has started his pre-wedding functions with anna seva. The pre-wedding functions are expected to be traditional and grand. Guests will get to experience the beauty of Indian culture at the pre-wedding festivities. The guests at the occasion will receive traditional scarves made by women artisans from Kachchh and Lalpur in Gujarat. Qatar Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani, Queen of Bhutan Jetsun Pema, Meta CEO Mark Zuckerberg, Adobe CEO Shantanu Narayen, and Saudi Aramco Chairperson Yasir Al Rumayyan are among those invited for the celebrations scheduled between March 1-3. The guest list also includes former Prime Minister of Sweden Carl Bildt, former Prime Minister of Canada Stephen Harper, President of Google Donald Harrison, former President of Bolivia President Jorge Quiroga, former Prime Minister of Australia Kevin Rudd and Chairperson World Economic Forum Klaus Schwab. CEO and MD ADNOC Dr Sultan Al Jaber, CEO bp Murray Auchincloss, Chairman and Founder Colony Capital <keyword id="20770673" type="General" weightage="20" keywordseo="thomas-barrack" source="keywords">Thomas Barrack</keyword>, , CEO JC2 Ventures John Chambers, former CEO bp Bob Dudley, President of Global Development at BMGF Christopher Elias, Executive Chairman at Exor John Elkann, and CEO of Endeavor Ari Emanuel are also expected to be in Jamnagar next month. Chairman and CEO BlackRock Larry Fink, CEO Brookfield Asset Management Bruce Flatt, Co-chair Board member BMGF Bill Gates, COO BlackRock Rob L Goldstein, Managing Director Morgan Stanley Michael Grimes, Chairman Hilton &amp; Hyland Richard Hilton, Vice Chairman Berkshire Hathway Ajit Jain, Board Member Mandarin Oriental Archie Keswick, Scientist Dr Richard Klausner, Businessman Jared Kushner, Founder <keyword id="20626887" type="General" weightage="20" keywordseo="thrive-capital" source="keywords">Thrive Capital</keyword> Joshua Kushner, Former CEO bp Bernard Looney, Former Governor Businessman Terry McAuliffe, Scientist and Entrepreneur <keyword id="20770671" type="General" weightage="20" keywordseo="yuri-milner" source="keywords">Yuri Milner</keyword>, Founder and CEO Lupa Systems James Murdoch, President and CEO Aramco Amin H Nasser, Founder NV Investments <keyword id="20770672" type="General" weightage="20" keywordseo="vivi-nevo" source="keywords">Vivi Nevo</keyword>, Former Dean Harvard Business School Nitin Nohria, COO Meta Javier Olivan, Vice Chairman Bank of America Purna Saggurti, , Founder and CEO Steel Perlot Michelle Ritter, Founder Schmidt Futures Eric Schmidt, Founding and Managing Partner Sherpalo Ram Shriram, CEO Sanmina Corp Jure Sola, CEO Enterprise GP Jim Teague, Group Chairman HSBC Holdings Plc Mark Tucker, and journalist Fareed Zakaria are among some of the other expected guests. Recently, Reliance Foundation posted a video on their Instagram handle in which women from Gujarat can be seen curating Bandhani scarves for the wedding functions of Anant and Radhika. In the clip, one can also see Nita Ambani, the founder and chairperson of Reliance Foundation, meeting the artisans and expressing her happiness for their hard work. "These women pour their hearts and souls into the craft, preserving age-old techniques and breathing life into stories as ancient as the land itself. Swadesh is empowering communities and preserving age-old craftsmanship," Reliance Foundation captioned the post. Ushering in the much-awaited wedding, the Ambani family has also facilitated the construction of new temples within a sprawling temple complex in Jamnagar, Gujarat. Featuring intricately carved pillars, sculptures of Gods and Goddesses, fresco-style paintings, and architecture inspired by generations of artistic heritage, the temple complex keeps India's rich cultural and spiritual identity at the heart of the wedding festivities. Brought to life by master sculptors, the temple art employs age-old techniques and traditions. The initiative highlights the incredible skills of local artisans, reflecting Nita Ambani's vision of preserving and promoting Indian heritage, tradition and culture. Anant and Radhika got engaged in a traditional ceremony in January 2023 at the family's residence Antilia in Mumbai. Isha Ambani, Akash Ambani and Anant Ambani, the three children of Mukesh-Nita Ambani, have been closely involved with and are leading and managing key businesses of RIL over the last few years including retail, digital services and energy and materials businesses. They also serve on the boards of the key subsidiaries of Reliance Industries. While Isha M Ambani has been driving the expansion of Reliance Retail, Akash M. Ambani is serving as the Chairman of Reliance Jio Infocomm Limited (RJIL) since June 2022 and Anant M Ambani is driving the expansion of energy and materials businesses of Reliance Industries. Isha and Akash got married in 2018 and 2019, respectively. Anant Ambani is also involved with several compassionate initiatives to rehabilitate at-risk animals and provide them care and dignity in their residual life. Reliance Industries and Reliance Foundation this Monday launched Vantara, a paradigm-shifting initiative for animal welfare in the heart of Gujarat's green belt. Vantara (Star of the Forest), an ambitious programme is dedicated to the rescue, treatment, care, and rehabilitation of animals in need. (ANI)

Anant Ambani, Radhika Merchant's pre-wedding celebrations begin with 'anna seva'

<ul><li>The simplest explanation for high inflation is that there is too much money chasing fewer goods and services.</li><li>The fear in India is that if the inflation rate in the US rises beyond a point, the interest rate may also have to rise.</li><li>On one hand, inflation is rising sharply in the US. On the other hand, more Americans are looking to return to work but not finding jobs.</li><li>So, some experts, including Mohamed El Erian, the chief economic advisor at Allianz, believe that the US Fed may not move to curb inflation soon.</li></ul>Americans have never seen the kind of a price rise, as they did in April, since 2013. The consumer price index increased 4.2% compared to the same time last year while economists were expecting the spike to be 3.6%. Even a developing economy like India has seen a similar rise in consumer price index last month. Therefore, this kind of a rise is too high for a developed economy like the US. The fear in India is that if the inflation rate in the US rises beyond a point, the interest rate may also have to rise. Central banks hike interest rates when inflation spikes to reduce the money jostling around in the system. If a cut in interest rate is an economic stimulus, a hike in rates is the exact opposite. So if the markets expect the rates in the US to rise sooner than later, a big chunk of the foreign money parked in the Indian share market and bonds may head to the US because investors can get a better return for lesser risk compared to an emerging economy like India. However, some experts say, it may be too soon to reach that conclusion. The biggest fear is whether the US Fed is reading the situation wrong Jerome Powell, the Chairperson of the US Federal Reserve, has promised to keep an “accommodative stance” despite the unusual price rise in recent months because the American central bank believes that this is a phase triggered by pent-up demand and this too shall pass. But many observers fear the price rise may be more durable given the pace of economic recovery in the world’s largest economy. William Dudley, the former president of the Federal Reserve Bank of New York, has <a href="https://www.bloomberg.com/news/articles/2021-05-12/traders-ratchet-up-fed-hike-bets-for-2022-on-hot-inflation">already declared that</a> the markets are in for an interest rate surprise. "The fact is that when we factor in all the monetary and fiscal stimulus that's been delivered (or shortly will be), the Covid crisis seems likely to be a net inflationary event, at least in the near term," said investment management firm BlackRock's Rick Rieder. Should the US continue pumping money into the economy? The simplest explanation for high inflation is that there is too much money chasing fewer goods and services. But in the US, the government and the Fed are in the middle of pumping more money ⁠— a $1.9 trillion package was approved in March 2021 ⁠— in the US economy to stimulate growth. So if there is already enough and more money circulating in the US economy, should the policymakers slow down the stimulus? Mohamed El Erian, another leading global economist, has been warning about inflation in the US for a while now. However, El Erian, the chief economic advisor at Allianz, does not think the latest inflation data in the US is decisive. According to him, one should not extrapolate data for one month to project a possible policy change. <div type="twitter" handle="elerianm" handlename="Mohamed A. El-Erian" image="http://pbs.twimg.com/profile_images/1016847534080155648/NGnyajkE_normal.jpg" favoritecount="55" retweetcount="9" status="While today’s #inflation numbers will get lots of attention, it’s important to note that they won’t shed light on a… https://t.co/IfzFHPFWQS" createdat="1620821147000" id="1392450932038901760"></div> More people are buying used cars and trucks There are others who also believe that the headline inflation in the US is skewed by certain components that do not reflect a broader trend. “US core inflation (which leaves out energy and food items) moved up by 90 basis points (bps) month-on-month, of which 30 bps was 'used vehicles' alone and another 10bps comes from airfare. Clearly, they do not qualify as signals of an overheated economy but rather of pent-up demand coming into play,” an Edelweiss Wealth Research report said. The US jobs data can be a big hurdle en route to interest rate hikes Not everyone in the US is recovering from the economic setback, brought about by the COVID-19 pandemic, at the same pace. The jobs growth in April for instance was a million short of what analysts had predicted. Moreover, it is not because all Americans who are getting cheques from the government to survive the jolt are sitting back enjoying the freebies. Latest data has shown that more American are looking to return to work and <a href="https://www.businessinsider.in/policy/economy/news/4-possible-explanations-for-the-shocking-decline-in-new-jobs/articleshow/82466599.cms">more are getting classified as ‘unemployed’</a>. "That's the biggest fear we have because what we don't want is a jobless recovery," <a href="https://www.cnbc.com/video/2020/12/04/watch-three-experts-weigh-in-on-the-november-jobs-miss.html">El-Erian said in a television interview</a>. "There's a massive question mark as to how many will actually be able to get jobs again, or be willing to get jobs again." Now, it is difficult for prices to continue rising if people’s purchasing power is capped. Politically, it may be difficult for US President Joe Biden and Powell to slow down the stimulus if enough people are still not able to find jobs and fend for themselves. However, unlike the policymakers in the US, the market may not choose to wait for more concrete data. The market holiday on Thursday in India may help to stall the knee jerk reactions. Yet, Friday’s (May 14) trade in India will be interesting to watch. Traders would have two days of reactions from Wall Street to analyse before taking positions. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-responds-to-privacy-criticism-by-alleging-other-apps-like-zomato-ola-aarogya-setu-zoom-google-and-other-apps/articleshow/82570897.cms">WhatsApp responds to privacy criticism by alleging that other apps and tech companies also show disdain for user privacy</a> <a href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-adds-subscribers-for-the-first-time-in-15-months/articleshow/82568343.cms">Vodafone Idea shares up by 10% as it adds subscribers for the first time in 15 months – Airtel, Reliance Jio expand their user base</a>

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