MUMBAI, April 15 (Reuters) - Jio Financial Services

said on Monday that it had entered into a new joint

venture (JV) with U.S.-based BlackRock Inc ( BLK ) to set up a

wealth management and broking business in India less than a year

after launching an asset management venture.

Jio Financial Service, part of billionaire Mukesh Ambani

led Reliance Group, said the JV aims to tap into India's

increasingly lucrative wealth business and will include the

incorporation of a wealth management firm and, subsequently,

incorporation of a brokerage company.

India's wealth managers look after $1-1.2 trillion of

financial assets owned by the country's high

net-worth individuals, as per a recent Jefferies report.

Last June, the companies formed a 50:50 joint venture to

launch asset management services in India and had pledged an

initial investment of $150 million each.