UBS Inks Deal With 360 One to Drive India Wealth Growth

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UBS Group AG agreed to sell its sub-scale Indian wealth unit to 360 One WAM Ltd. in return for an option to acquire a minority stake in the domestic firm and a partnership that will see the Swiss bank boost its business in the country.

UBS will transfer its onshore wealth management business in India to 360 One, while the local unit of the Swiss bank will handle 360 One clients booked in Singapore, the companies said in separate statements Tuesday.

The deal also involves the Zurich-based bank acquiring warrants for a 4.95% stake worth 21 billion rupees ($247 million) in the domestic firm. UBS’s local wealth business is valued at 3.07 billion rupees, according to the Indian company.

The transaction is among major deals UBS has struck in Asia since its global wealth co-head Iqbal Khan relocated last year. The bank has been seeking to grow its presence in markets such as India, though it faces intense competition for business and bankers from a slew of local and global players.

Mumbai-based 360 One, among the largest domestic wealth firms, manages $68 billion, according to its website. Bloomberg reported in January that both companies were in advanced talks for a deal. 

360 One’s shares rose as much as 7% in Mumbai, valuing the firm at about 400 billion rupees. The stock has fallen about 19% this year.

The partnership “will help accelerate our momentum in one of the world’s most significant and fastest-growing markets,” Young Jin Yee, UBS’s co-head for Asia-Pacific wealth, said in the statement. The bank called the deal “a first step,” potentially signaling more to come. 

While UBS is the world’s largest wealth manager outside the US, the Swiss firm’s presence in the South Asian nation is tiny compared with both local and international competitors including 360 One. The bank’s domestic wealth assets under management total $3 billion, with about 10 relationship managers, according to Mihir Doshi, UBS’s India country head. Doshi will be part of a committee comprising executives from both firms to assess opportunities and explore further growth.

In response to a question on whether UBS plans to increase its stake in 360 One, Young said the bank sees many potential collaborations with the new partner, including more equity holdings. “Only the sky is the limit,” she said in an interview from Mumbai.

While UBS fully owns most of its operations in Asia, it also has joint ventures in Japan and China where domestic firms dominate the markets. In Japan, it holds a 51% stake in UBS SuMi Trust Wealth Management Co, while Tokyo-based Sumitomo Mitsui Trust Holdings owns the rest. In China, UBS controls 67% in a local unit and got approval last month to get full ownership.

India has become one of the world’s fastest-growing wealth markets, thanks to a rally in equities and strong economic growth over many years. The country had 283,000 wealthy individuals with over $5 million in assets that were collectively worth 232 trillion rupees in 2023, according to a report by Kotak Private, a local wealth firm. That’s expected to jump 52% to 430,000 individuals with 359 trillion rupees in assets by 2028, the report said. 

Another key pillar of the Indian wealth market is the overseas diaspora, mostly served by bankers in major cities including Dubai, Singapore and London.

360 One said the warrants UBS is purchasing are convertible within 18 months. The deal is subject to regulatory approval.

The local wealth manager has seen departures at the firm before the agreement with UBS was announced. Vikram Malhotra, who headed the group’s international business, resigned along with 10 other private bankers and investment counselors in Singapore and Dubai. It is not clear where the team is headed. 360 One’s Chief Executive Karan Bhagat said the departures were not related to the deal with UBS. 

360 One has more than 1,200 employees with 27 locations in the country.

 

–With assistance from Chiranjivi Chakraborty.

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