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☆ Stock Market Today: Nasdaq, Dow Close Lower as Earnings Continue; U.S. Credit Downgraded
▼ + stars: | 2023-08-02 | by ( ) www.wsj.com time to read: +1 min

Stocks finished lower as investors parsed earnings and stronger-than-expected employment data and Fitch downgraded the U.S.'s credit rating . “Earnings are coming in a bit more lackluster.”Companies reporting earnings early Wednesday included CVS Health, Humana, Kraft Heinz and Carlyle Group . Stocks fell. The Dow, S&P 500 and Nasdaq notched declines, with the Nasdaq off more than 2%. The 30-year yield also finished at its highest level since November.

Persons: Stocks, Fitch, ”, Laura Cooper, Kraft Heinz, Dow, Brent Organizations: BlackRock, ”, CVS Health, Humana, Kraft, Carlyle Group, Nasdaq, Devices, Treasury, Global Locations: U.S

☆ The last time US debt was downgraded markets plummeted. Will it happen again?
▼ + stars: | 2023-08-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —Fitch Ratings downgraded US long-term debt late on Tuesday from AAA to AA+, citing this spring’s debt ceiling standoff as a major reason. In the midst of the very tense debt ceiling standoff of 2011, Standard and Poor’s downgraded US debt for the first time in history. “My sense is that the Fitch downgrade of the US credit rating is an insignificant development and will not move financial markets or the economy,” said Joseph Brusuelas, chief economist at RSM US. “The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: New York CNN — Fitch, Fitch, ”, Joseph Brusuelas, ” Fitch, Larry Summers, Janet Yellen, “, Dow, BlackRock, Larry Fink, Henry Fernandez, MSCI, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI Organizations: CNN Business, Bell, New York CNN, AAA, AA, RSM, Federal Reserve, Fitch, Treasury, US, Twitter, Dow Jones, Nasdaq, Tech, Nvidia, Apple, Microsoft, Congressional, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “ Locations: New York, America, United States, States, Mike Gallagher of Wisconsin, Illinois, MSCI, China

☆ Larry Fink’s Bet on Saudi Oil Money Is Also His Latest E.S.G. Woe
▼ + stars: | 2023-08-02 | by ( Maureen Farrell | More About Maureen Farrell | ) www.nytimes.com time to read: +1 min

For years, Larry Fink, the chief executive of the giant asset manager BlackRock, has been broadcasting a message to corporate America: Environmental, social and governance goals should be core to how companies do business. So when BlackRock announced in July that it would appoint Amin Nasser, the head of the world’s largest oil company, Aramco, to its board, investors and politicians immediately called out Mr. Fink on what they said was his hypocrisy. It’s the latest example of the increasingly difficult situation Mr. Fink finds himself in: His championing of E.S.G. has drawn accusations of “woke” capitalism from the right while his embrace of energy companies has upset those on the left. The political blowback has made it more challenging for Mr. Fink to do his day job of finding new sources of money that BlackRock — which oversees $9 trillion in assets — needs to drive growth and keep shareholders happy.

Persons: Larry Fink, Amin Nasser, Fink, ”, Giuseppe Bivona, Fink’s, “ Organizations: BlackRock, Aramco, Bluebell Locations: America, London

☆ BlackRock, MSCI Face Congressional Probes for Facilitating China Investments
▼ + stars: | 2023-08-01 | by ( Kate O Keeffe | Corrie Driebusch | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones Locations: blackrock

☆ Big US asset managers cool on climate issues -think tank
▼ + stars: | 2023-08-01 | by ( Isla Binnie | ) www.reuters.com time to read: +3 min

Focusing on the world's four largest asset managers, InfluenceMap said Vanguard and Fidelity Investments supported 4.5% and 4.8% respectively of resolutions the think tank describes as "climate-relevant" in 2022. BlackRock (BLK.N) voted for 12% and State Street (STT.N) 15%, the researchers said. In response to the report, State Street said it would continue to engage with companies on material risks and opportunities. InfluenceMap program manager Daan Van Acker mentioned Vanguard's decision to leave a major industry initiative aimed at tackling climate change last year. "This example and others, like the asset managers' drop in climate resolution support, do raise serious questions around the managers' net-zero commitments in the context of the current political climate," he said.

Persons: Brendan McDermid, InfluenceMap, BLK.N, BlackRock, Daan Van Acker, Isla Binnie, Gerry Doyle Organizations: Vanguard, New York Stock Exchange, REUTERS, Paris, Republican, Fidelity Investments, BlackRock, Fidelity, Thomson Locations: New York City, U.S

☆ BlackRock, MSCI draw scrutiny from US House Committee on China
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Carlo Allegri/File Photo License this content on Reuters ConnectAug 1 (Reuters) - A U.S. congressional committee on China said asset management giant BlackRock (BLK.N) and index provider MSCI (MSCI.N) were facilitating investments into blacklisted Chinese companies. The firms have facilitated American capital flow into the companies the U.S. government had found guilty of fueling China's military advancement or human rights abuses, the House of Representatives' Select Committee on the Chinese Communist Party (CCP) said on Monday. "With all investments in China and markets around the world, BlackRock complies with all applicable U.S. government laws. We will continue engaging with the Select Committee directly on the issues raised," BlackRock said. Republicans formed the Select Committee when they took control of the House in January, as part of an effort to convince Americans why they should care about competing with China.

Persons: Carlo Allegri, BlackRock, MSCI, Mike Gallagher, Niket Nishant, Jaiveer Singh Shekhawat, Michael Martina, Don Durfee, Krishna Chandra Eluri, Shinjini Ganguli, Jonathan Oatis Organizations: REUTERS, Reuters, U.S, Chinese Communist Party, CCP, BlackRock, Republicans, China, Congress, Republican, Wall Street, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, Taiwan, Ukraine

☆ Cryptocurrencies fall to begin August, bitcoin dips under $29,000
▼ + stars: | 2023-08-01 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Ether , which has joined bitcoin in recent months as a sort of large cap, blue-chip trade in crypto, was down by 1.4%, after finishing July down by 3.35%. It was under extra pressure due to a recent exploit in DeFi giant Curve, however. Whenever investors hear the word hack ... it puts the whole crypto market on the backfoot and that's what's happening here," Gilbert said. Bitcoin volumes have also dropped significantly from their recent highs and have failed to reclaim them despite the price of bitcoin showing so much resilience this year. "When bitcoin heads south so do most altcoins ... and they're selling off a little bit further given what we're seeing with Curve."

Persons: bitcoin, Josh Gilbert, Altcoins, Ripple's, XRP, Aave, We've, Gilbert Organizations: Metrics, SEC, Binance, Solana, Polygon's, Finance, ERC, Blackrock ETF Locations: DeFi, Blackrock

☆ Big US asset managers cool on climate issues, think tank says
▼ + stars: | 2023-08-01 | by ( Isla Binnie | ) www.reuters.com time to read: +3 min

☆ BlackRock, MSCI face probe for allegedly facilitating China investments - WSJ
▼ + stars: | 2023-08-01 | by ( ) www.reuters.com time to read: +1 min

[1/2] The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri/File PhotoAug 1 (Reuters) - Asset manager BlackRock (BLK.N) and index provider MSCI are being investigated by a congressional committee for allegedly facilitating China investments, Wall Street Journal reported on Tuesday, citing letters to the companies from the panel. BlackRock, MSCI and the Committee did not immediately respond to Reuters requests for comment outside normal business hours. Last month, China curbed exports of some metals widely used in the semiconductor industry, in a move it said was aimed at protecting national security. Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra Eluri and Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlo Allegri, Niket, Krishna Chandra Eluri Organizations: REUTERS, BlackRock, Wall Street, Chinese Communist Party, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, China, MSCI, Taiwan, Ukraine, Bengaluru

☆ BlackRock and MSCI under investigation by House Committee for investments in China
▼ + stars: | 2023-08-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +4 min

“The majority of our clients’ investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies,” BlackRock said in a statement to CNN. “With all investments in China and markets around the world, BlackRock complies with all applicable US government laws. We will continue engaging with the Select Committee directly on the issues raised.”MSCI did not respond to requests for comment. Last October, the Biden administration unveiled a set of export controls banning Chinese companies from buying advanced chips and chip-making equipment without a license. The committee launched an official investigation last month into US venture-capital companies that help fund Chinese artificial intelligence and semiconductor efforts.

Persons: BlackRock, Larry Fink, Henry Fernandez, MSCI, ”, Mike Gallagher of, Raja Krishnamoorthi, ” BlackRock, ” MSCI, Biden, Gallagher Organizations: New, New York CNN, Chinese Communist Party of, BlackRock, CNN, People’s Liberation Army, PLA, Republican, “, Chinese Communist Party, Wall Street Locations: New York, Mike Gallagher of Wisconsin, Illinois, MSCI, United States, China, Beijing, Washington, Ukraine, BlackRock

☆ BlackRock and MSCI are facing congressional probes over facilitating investments in Chinese firms flagged by US for security concerns
▼ + stars: | 2023-08-01 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

BlackRock and MSCI are facing probes by lawmakers for facilitating investments in Chinese firms, the WSJ reported. The probes are related to investments in companies flagged by the US over security risks or human rights violations. The congressional panel said it found that American investors have funded 60 such companies and BlackRock has invested $429 million through five of its funds. The majority of our clients' investments in China are through index funds, and we are one of 16 asset managers currently offering US index funds investing in Chinese companies. With all investments in China and markets around the world, BlackRock complies with all applicable US government laws.

Persons: MSCI Organizations: BlackRock, Service, Wall Street, Chinese Communist Party, WSJ, US Locations: MSCI, China, Wall, Silicon, Xinjiang, US

☆ Here's how to invest $100,000 right now, according to billionaire Mike Novogratz
▼ + stars: | 2023-08-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Billionaire Mike Novogratz would put $100,000 in Alibaba stock, silver, gold, ether, and bitcoin. That advice is for young and risk-tolerant investors, he told David Rubenstein on Bloomberg TV. But for more risk-averse investors, Novogratz said they should mainly focus on bonds. I'd be buying silver, gold, bitcoin and ethereum. His preferred assets have made gains year to date, with Alibaba up 12%, gold 7.7%, silver 3.5%, ether 52.5%, and bitcoin 74.4%.

Persons: Mike Novogratz, David Rubenstein, Novogratz, That'd, bitcoin, Larry Fink's, Fundstrat Organizations: Bloomberg, Service, Privacy, Galaxy Digital Locations: Wall, Silicon, Beijing, BlackRock

☆ Cramer sold this stock because he's 'done being hostage to law firms'
▼ + stars: | 2023-07-31 | by ( Morgan Chittum | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Exiting J & J The Club sold 500 shares of Johnson & Johnson (JNJ) Monday morning, closing out our position in the pharmaceuticals firm. Johnson & Johnson is facing a slew of legal troubles and there's no resolution in sight. Stick with Salesforce Shares of Salesforce (CRM) came under pressure Monday after the software company received a downgrade from Morgan Stanley. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, shrugging, Johnson, We've, Morgan Stanley, Jim Cramer's, Jim Organizations: CNBC, Nasdaq, Federal, The Club, Johnson, BlackRock, Mastercard Locations: Stocks

☆ Bitcoin could hit a new high now that BlackRock's Larry Fink got 'orange-pilled' and became a true believer, billionaire Mike Novogratz says
▼ + stars: | 2023-07-31 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Bitcoin could hit a new record high now that Blackrock's Larry Fink is a believer, Mike Novogratz said. "The most important thing that happened this year in bitcoin is Larry Fink," he said on Bloomberg TV. "I think the most important thing that happened this year in bitcoin is Larry Fink," the Galaxy CEO said in an interview on Bloomberg TV with David Rubenstein. This pivoting sentiment could help bitcoin surpass its $69,000 record set in 2021, Novogratz said, further supported by a future cut in interest rates. The token stands out for its use of an eyeball scanner, used to establish unique digital identities per user.

Persons: Bitcoin, Larry Fink, Mike Novogratz, Larry Fink's, David Rubenstein, —, Larry, Fink, bullishly, Novogratz, Fundstrat, OpenAI, Sam Altman, Altman Organizations: Bloomberg, Service, Galaxy, Securities and Exchange Commission Locations: bitcoin, Wall, Silicon, BlackRock

☆ Middle-income Americans think prosperity is within reach
▼ + stars: | 2023-07-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +10 min

Santander recently released a quarterly survey of about 2,250 middle-income bank and financial services customers (defined as having household incomes between $47,000 and $142,000.) Illegal child labor is on the rise in a tight job marketUS child labor violations have jumped in recent years. Now, the Department of Labor has announced actions it’s taken so far this year through a new interagency task force on child labor. Between October 1, 2022, and July 20, 2023, the Department of Labor concluded 765 child labor cases, found 4,474 children employed in violation of federal child labor laws and assessed more than $6.6 million in penalties against employers, the agency announced on Thursday. In addition, the Wage and Hour Division of the Labor Department is currently pursuing more than 700 open child labor cases.

Persons: New York CNN —, Tim Wennes, “, ”, Bell, they’re, they’ll, they’ve, That’s, We’re, we’ve, BlackRock, Tupperware, it’s, Labor Julie Su, Jordan Barab, Obama, Barab Organizations: CNN Business, Bell, New York CNN, Federal, Heartland Tri, State Bank of, Federal Deposit Insurance Corporation, First Bank, Spain’s Santander, SC, Santander, New York Stock Exchange, GameStop, AMC, Libra Investment, Department of Labor, Labor, Occupational Safety, Health Administration, Labor Department Locations: New York, PacWest, Banc, California, State Bank of Elkhart , Kansas, America, United States, Santander, Florida, noncompliance, Tupperware

☆ BlackRock Clashes With Hedge-Fund Giant Over Control of Funds
▼ + stars: | 2023-07-29 | by ( Jack Pitcher | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/blackrock-clashes-with-hedge-fund-giant-over-control-of-funds-15c00a2

Persons: Dow Jones Locations: blackrock

☆ Bitcoin is in the depths of the summer doldrums despite a wave of positive regulatory developments. Here's what to expect in August.
▼ + stars: | 2023-07-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

In the latest week, bitcoin closed lower by 1.9%. Coin Metrics measures a week in crypto, which trades 24 hours a day, from the 4:00 p.m. "August is a quiet month for traditional market investors and crypto is no different," said Greg Cipolaro, global head of research at NYDIG, the crypto subsidiary of Stone Ridge Asset Management. "Historically, mean returns have waned as we go into the summer months and that may play out again in August." But even with the latest downdraft, bitcoin is still up about 77% for the year, and investors are upbeat.

Persons: it's, Greg Cipolaro, Ric Edelman, Edelman, Bitcoin, —, Gina Francolla Organizations: bitcoin, Management, Digital Assets, Financial Professionals, U.S . Securities, Exchange Commission, SEC, Binance, Innovation, Technology, Century, Federal Reserve, European Central Bank, Nasdaq Locations: NYDIG, Stone, Congress, BlackRock

☆ Tupperware might just be the latest meme stock after its shares tripled in a week
▼ + stars: | 2023-07-29 | by ( Ryan Hogg | Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Tupperware might be the latest meme stock after more than tripling in value within a week. Shares in the embattled food container maker more than tripled since July 20 to just over $3, leaving many to wonder whether it might be the latest "meme stock." According to data from Marketwatch, 27% of Tupperware shares that are available to trade have been "shorted" by investors. The amount of short interest in Tupperware has indeed fallen more than a quarter this year amid apparent interest from retail investors. On r/WallStreetBets, the birthplace of the meme stock craze, members were giddily comparing the stock to Bed Bath & Beyond, the now-bankrupt homeware chain that had captivated certain investors since 2021.

Persons: Earl Tupper, didn't, Neil Saunders, Saunders, I've, Tupperware Organizations: Marketwatch, Orlando Business Journal, BlackRock, Orlando Business, Bed Locations: freefall, Tupperware

☆ Tupperware stock is up 165% this week for no good reason
▼ + stars: | 2023-07-28 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +2 min

New York CNN —The meme traders are back. Shares of Tupperware (TUP) have exploded by about 165% this week and more than 300% over the last month for no discernible reason. Sales are on the decline and Tupperware even warned in April that it was on the brink of bankruptcy. Before you join the “Tupperware party,” remember that meme stocks tend to be very volatile, with sweeping highs and lows. Tupperware shares are still down nearly 30% year to date.

Persons: BlackRock, “, ”, Tupperware Organizations: New, New York CNN, New York Stock Exchange, GameStop, AMC, Libra Investment Locations: New York, Florida, noncompliance, Tupperware

☆ You may be overlooking an important point about target date funds
▼ + stars: | 2023-07-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +3 min

Meanwhile, the John Hancock Preservation Blend and American Funds Target Date Retirement 2055 funds had lower average allocations — 80% and 84%, respectively, Morningstar said. The idea that everyone in a five-year age cohort should have the same asset allocation, it's just not correct. David Blanchett managing director and head of retirement research at PGIMOf course, TDFs can vary in many ways aside from asset allocation. For example, some are known as "through" funds, which continue to get more conservative throughout retirement; others are "to" funds, whose stock-bond proportions stay steady in retirement. Why asset allocation is more important for retireesPaying attention to asset allocation is particularly important for investors in or near retirement, Pacholok said.

Persons: Lourdes Balduque, John Hancock, Morningstar, Rowe Price, that's, Megan Pacholok, David Blanchett, Pacholok Organizations: John, John Hancock Preservation, Morningstar, of America, Financial Industry Regulatory Authority Locations: BlackRock, TDFs

☆ BlackRock returns to India, joining forces with Indian tycoon Mukesh Ambani's financial arm
▼ + stars: | 2023-07-27 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The BlackRock logo is displayed at their headquarters on November 14, 2022 in New York City. BlackRock and Saudi Arabia's sovereign wealth fund signed an agreement to jointly explore infrastructure projects in the Middle East. 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." The joint venture will be called Jio BlackRock. Mukesh Ambani is the founder and chairman of Indian conglomerate Reliance Industries, the country's largest listed company by market share.

Persons: Mukesh Ambani, Larry Fink Organizations: BlackRock, Jio Financial Services, Reliance Industries, Forbes Locations: BlackRock, New York City, Saudi, East, what's, India

With its latest 25 basis point interest rate increase now in the books, the Fed has raised the benchmark overnight interest rate by 525 basis points since March 2022 to a level last seen before the 2007 housing market crash in a fight to bring down inflation. Still, some fixed income investors have remained on edge over how long the Fed can keep interest rates at restrictive levels without sparking an economic downturn. Meanwhile, Fed funds futures traders saw increased probability of another interest rate increase in September. To be sure, investors had badly overestimated the chances for recession at the beginning of this year and could be wrong again. Over the past year the unemployment rate has remained stubbornly low and growth has run consistently above trend.

Persons: Jerome Powell, Gurpreet Gill, Goldman Sachs, Powell, Kristy Akullian, It's, Adam Hetts, Janus Henderson, Mike Sanders, Blair Shwedo, Davide Barbuscia, David Randall, Ira Iosebashvili Organizations: YORK, Federal Reserve, Fed, Goldman Sachs Asset Management, Barclays, BlackRock, Investment, Treasury, Janus, Janus Henderson Investors, Madison Investments, U.S . Bank, Thomson

LONDON, July 27(Reuters Breakingviews) - The world is getting hotter, but when it comes to achieving net zero investors are cooling. Glencore (GLEN.L), the $75 billion Swiss group that is one of the world’s biggest coal miners, makes an interesting case study for what’s changed. Either way, the plan raises the prospect of Glencore bulking up in coal before offloading some or all of the enlarged business. True, a listing of Glencore’s enlarged coal business might not happen for a few years. While prices have now more than halved, Glencore‘s coal business would still make $9 billion in EBITDA in 2023 if they averaged $200 a tonne.

Persons: what’s, Glencore, Gary Nagle, Nagle, Teck, wouldn’t, There’s, Wael Sawan, Larry Fink, underwhelmed, ” Nagle, Glencore’s, George Hay, Karen Kwok, Peter Thal Larsen, Aditya Munjuluru Organizations: Reuters, Resources, Teck Resources, Bluebell Capital Partners, Investment, International Energy Agency, Reuters Graphics Reuters, Rio Tinto, BHP, GQG Partners, Capital Research Group, BlackRock, Vanguard, Services, Saudi, Aramco, United Nations, of, Pensions, Shell, Financial Times, “, Melbourne Mining, Capital Partners, Thomson Locations: Glasgow, Ukraine, EBITDA, American, U.S, Glencore, London, New York, Europe, Melbourne

☆ CNBC Daily Open: Powell’s conference had something for bulls and bears
▼ + stars: | 2023-07-27 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +5 min

Al Drago | Bloomberg | Getty ImagesThis report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. However, Chair Jerome Powell left the door open to a subsequent rate hike, saying the central bank will make decisions "meeting by meeting." At his post-meeting press conference, Chair Jerome Powell, in other words, deftly negotiated expectations from market bulls and bears, and somehow managed to reaffirm the case of both camps. The "hawkish" part will please the bears, while the "hold" portion will appeal to the bulls.

Persons: Jerome Powell, Al Drago, Hong, Mukesh Ambani, Dow, that's, —, Powell, Frances Donald, CNBC's Fred Imbert, that'd Organizations: US Federal Reserve, Market, Bloomberg, Getty, CNBC, Federal, Dow Jones, Samsung Electronics, Wall, Revenue, Reality Labs, BlackRock, India BlackRock, Jio Financial Services, CNBC Pro, Manulife Investment Management, Nasdaq, Dow Locations: Washington , DC, Asia, Pacific, Indian

☆ India's Jio Financial Services, BlackRock to launch asset management venture
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Anushree Fadnavis/File PhotoMUMBAI, July 26 (Reuters) - India's Jio Financial Services (JIOF.NS), part of billionaire Mukesh Ambani led Reliance Group, and U.S.-based BlackRock Inc (BLK.N) will form a 50:50 joint venture to launch asset management services in India. The two companies are targeting an initial investment of $150 million each in the joint venture, Jio Financial said in a statement on Wednesday. The announcement comes days after Jio Financial Services was demerged from Reliance Industries, with the markets ascribing a valuation of nearly $20 billion to the venture which is yet to build out a business in India's fast growing financial services sector. India's asset management industry has seen rapid growth in recent years and has 44.3 trillion Indian rupees ($540.4 billion) in assets under management. The joint venture will launch a "digital-first" offering following regulatory approvals, said the statement, without giving a timeline within which it plans to begin operations.

Persons: Anushree, Mukesh Ambani, Hitesh Sethia, Larry Fink, AngelOne, Ira Dugal, Kirsten Donovan, David Evans Organizations: Mobile, REUTERS, Financial, Reliance Group, BlackRock Inc, Jio, Jio Financial, Reliance Industries, Group, BlackRock, Jio Financial Services, Thomson Locations: Pragati, New Delhi, India, MUMBAI, U.S

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