In a significant move within the wealth management sector, 360 ONE WAM Ltd. has announced a strategic alliance with the renowned Swiss bank UBS AG. This collaboration aims to enhance wealth management services for clients, integrating both onshore and offshore solutions. As part of this agreement, 360 ONE will acquire UBS’s onshore wealth management operations in India for a substantial Rs 307 crore.

Key Details of the Acquisition

The agreement, revealed in an exchange filing, highlights a dual focus on enhancing client services while exploring collaborative opportunities in asset management and investment banking.

• Acquisition Details:
  • 360 ONE is set to take over UBS’s broking services, distribution business, and both discretionary and non-discretionary portfolio management services.
  • The deal also includes the purchase of UBS’s residual loan portfolio within its Indian wealth management segment.

In addition to the acquisition, UBS will invest in 360 ONE through the purchase of 2.05 crore warrants, which will convert into a 4.95% stake in the company within 18 months. These warrants will be issued at a 14% premium, valued at Rs 1,030 each, bringing the total investment to approximately Rs 2,112 crore.

Strengthening Market Leadership

Commenting on this pivotal deal, Akhil Gupta, Chairman of 360 ONE, expressed that this partnership solidifies their standing as a market leader in India, while also positioning UBS as a preferred wealth manager for global Indians.

360 ONE, headquartered in Mumbai, boasts a clientele of over 7,500 families in the ultra-high-net-worth and high-net-worth categories. The firm manages assets exceeding Rs 5.79 lakh crore, showcasing its robust presence in the financial advisory landscape.

UBS’s Wealth Management Portfolio

As of December 31, 2024, the active assets under management (AUM) of UBS’s Indian wealth business, which 360 ONE will acquire, were approximately Rs 26,000 crore. This acquisition comes shortly after the resignation of veteran banker Vikram Malhotra and ten other private bankers from UBS, highlighting a shifting landscape within the firm.

Regulatory Approvals and Future Prospects

In a related development, 360 ONE has announced that Batlivala & Karani Securities India Pvt. has received approval from the Securities and Exchange Board of India for acquisition by the company. This move further expands 360 ONE’s capabilities in the financial services market, paving the way for future growth and enhanced service offerings.

By strategically aligning with UBS and expanding its portfolio, 360 ONE is poised to deliver even greater value to its clients while reinforcing its leadership in India’s wealth management sector.