(CNBC) BlackRock has joined forces with the financial services arm of India’s tycoon Mukesh Ambani in what’s been referred to as a “major move.” This paves the way for the world’s largest money manager to gain a foothold into the country’s fast growing asset management market. BlackRock, which had $9.4 trillion assets under management at the end of June, together with Jio Financial Services, each plan to invest up to $150 million in the 50-50 venture.
BlackRock returns to India, joining forces with Indian tycoon Mukesh Ambani’s financial arm
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