UBS trades India wealth arm for 5% stake in 360 ONE

UBS will sell its Indian wealth business to 360 ONE WAM and take a stake of nearly 5%, worth about $220 million, in the asset manager, before likely boosting its ownership at a later stage, the Swiss bank said this week.

The global wealth manager will acquire warrants for a 4.95% stake in 360 ONE, and as part of the deal, will transfer its onshore wealth management business in India to 360 ONE. Its clients in Singapore will be served by UBS Singapore.

A joint panel led by senior leadership from both institutions will be set up to explore growth opportunities, it said in a statement.

“Strategic collaboration with 360 ONE will help accelerate our momentum in one of the world’s most significant and fastest-growing markets,” Jin Yee Young, co-head of global wealth management for Asia-Pacific at UBS, said.

The deal “will significantly enhance the local offering for our clients, giving them access to best-in-class wealth-management capabilities, both onshore and offshore,” Mihir Doshi, India head at UBS, said.

Akhil Gupta, chairman at 360 ONE WAM, said the transaction “opens up as global, personalized, and sophisticated wealth management experience for clients.”

UBS is a leading global wealth manager and the leading universal bank in Switzerland that manages $6.1 trillion of invested assets.

Headquartered in Zurich, the firm operates in more than 50 markets around the globe.

360 ONE WAM is an investment and financial advisor to 7,500 high net worth families, with aggregate assets of more than ₹5.79 trillion (about $68 billion) under management.

Headquartered in Mumbai, 360 ONE has more than 1,200 employees and a presence in five major global financial hubs and 27 locations in India.