Jio BlackRock Asset Management plans to introduce nearly a dozen equity and debt funds in India by the year-end, focusing on small-ticket investments and bypassing distributors to reduce costs, the report further said.
Also Read | Jio BlackRock raises more than Rs 17,800 crore through debut new fund offer
The report also stated that JioBlackRock plans to bypass the traditional distributor network by offering its funds directly to both institutional and retail investors. This approach is expected to lower the fees or expense ratios typically associated with mutual fund investments.
The fund house on Monday announced the successful closure of its maiden New Fund Offer (NFO), receiving a total investment of Rs 17,800 crore (USD 2.1 billion), across three cash/debt mutual fund schemes – JioBlackRock Overnight Fund, JioBlackRock Liquid Fund and JioBlackRock Money Market Fund.
The three-day NFO, which was launched on June 30 and closed on July 2, attracted investments from over 90 institutional investors, reflecting confidence in JioBlackRock Asset Management’s value proposition that combines data-driven investing and a digital-first approach.The cash/debt mutual fund schemes also recorded an overwhelming response from retail investors, with over 67,000 individuals investing in these funds during the offer period.“The overwhelming response to our first NFO from institutional and retail investors is a powerful endorsement of JioBlackRock Asset Management’s innovative investment philosophy, risk management capabilities and digital-first approach. This is a strong start to our journey towards becoming a transformative force in India’s evolving investment landscape, catering to all types of investors,” said Sid Swaminathan, Managing Director and CEO, JioBlackRock Asset Management.
JioBlackRock Asset Management has also rolled out a new account creation feature on the JioFinance app to streamline onboarding for retail investors. The initiative is aimed at making it easier for users to set up investment-ready accounts quickly ahead of the fund house’s upcoming launches.
Also Read | JioBlackRock launches mutual fund access on MyJio, calls it a new era of investing
Last week, the JioBlackRock Mutual Fund announced the launch of mutual fund access on the MyJio app and called it a new era of investing.
The fund house posted on social media platform X that, “A new era of investing has begun on the MyJio app.”
https://x.com/JioBlackRockmf/status/1940643190262173897
Jio BlackRock Asset Management Private Limited (JBAMPL or JioBlackRock Asset Management) is a 50:50 joint venture between Jio Financial Services Limited (JFSL) and BlackRock (‘the shareholders’).