Veteran fund manager and Managing Director of Kotak Mahindra AMC, Nilesh Shah has denied the social media rumours claiming that he will join the to-be-launched Jio BlackRock Mutual Fund as CEO.
Earlier, Jio Financial Services Ltd, the demerged financial lending arm of billionaire Mukesh Ambani-led Reliance Industries Ltd, had entered into a 50:50 joint venture with BlackRock, the world’s largest asset manager, to set up an asset management company with a combined investment of $300 million.
Read here: Jio Financial joins BlackRock to launch asset management firm
The two partners plan to invest $150 million each in the JV, making it the 44th player in the ₹44.39 trillion Indian mutual fund industry.
Jio BlackRock will launch operations after the receipt of regulatory and statutory approvals. The company will have its own management team, it had said.
Meanwhile, Shah, who also serves as a part time member of the Economic Advisory Council to the Prime Minister (EAC-PM), replied to another tweet saying that there was ‘no truth’ in the rumours of his joining Jio BlackRock MF.
“No truth in the rumour. I wish one had checked with me,” Shah wrote.
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Updated: 06 Sep 2023, 12:08 PM IST