Jio BlackRock, the joint venture between BlackRock and billionaire Mukesh Ambani’s financial services unit, has named Sid Swaminathan to head the firm as it prepares to break into India’s burgeoning asset management business, people familiar with the matter said.
London-based Swaminathan, a 20-year veteran at the world’s largest asset manager, is joining Jio BlackRock Asset Management as the money manager is putting together its senior leadership team, the people said, asking not to be identified as the information is private.
The venture has also appointed Komal Narang as its chief client officer, while R. Arun has joined the fixed income team, the people said. Prateek Nigudkar has been roped in as a fund manager from DSP Asset Managers, they said. Tanvi Kacheria has relocated from BlackRock U.S. to join the venture, they said.
A Jio BlackRock spokesperson had no immediate comment while there was no response to an email sent to BlackRock.
The recent hires come as Ambani, Asia’s richest man, seeks to upend India’s financial sector by leveraging his behemoth telecom and retail empire. For BlackRock, this presents a chance to tap into one of the world’s fastest-growing major economy. BlackRock had exited India in 2018.
Jio Financial Services and Blackrock joined hands to create a 50:50 joint venture. Late last year, the venture received an in-principle approval from India’s securities regulator to launch a mutual fund business.
