What’s the story
JioBlackRock, a joint venture between Reliance Industries‘s Jio Financial Services and US-based asset management firm BlackRock, has received SEBI’s approval to launch four new index funds.
The mutual funds are the JioBlackRock Nifty Midcap 150 Index Fund, the JioBlackRock Nifty Next 50 Index Fund, the JioBlackRock Nifty Smallcap 250 Index Fund, and the JioBlackRock Nifty 8-13 yr G-Sec Index Fund.
Who will manage the funds?
Among the four funds, three are equity-oriented index funds while one is a debt-oriented index fund.
The equity-oriented funds will be managed by Tanvi Kacheria, Anand Shah, and Haresh Mehta.
The debt-oriented fund will be managed by Vikrant Mehta, Siddharth Deb, and Arun Ramachandran.
All four funds will only offer direct plans with a growth option.
Minimum application amount for lumpsum and SIP investments
The minimum application amount for lumpsum investment in all four funds is ₹500, and any amount thereafter.
For SIP (Systematic Investment Plan), the minimum application amount is also ₹500, with subsequent investments in multiples of Re. 1 thereafter.
This way, JioBlackRock Mutual Fund aims to make investing accessible for a wider range of investors.
JioBlackRock MF’s first offering raised ₹17,800 crore
On July 7, JioBlackRock had announced that it raised ₹17,800 crore through three mutual fund schemes. This was its first offering since getting the license in May.
The schemes are the JioBlackRock Overnight Fund, JioBlackRock Liquid Fund, and the JioBlackRock Money Market Fund.
The NFO closed on July 2 and attracted investments from over 90 institutional investors and more than 67,000 retail investors.