UBS announced Tuesday it will transfer its onshore wealth management business in India to 360 ONE WAM, one of India’s largest independent wealth and asset management firms, as part of a new strategic collaboration between the two companies.
Under the deal, 360 ONE will acquire UBS’s local stock broking and distribution business, portfolio management services and residual loan portfolio in a transaction valued at 3.07 billion rupees ($36 million). Meanwhile, UBS will purchase warrants for a 4.95 per cent stake in 360 ONE.
The collaboration will allow clients from both institutions to access combined onshore and offshore wealth management solutions. Additionally, 360 ONE clients based in Singapore will be served by UBS Singapore, subject to regulatory approvals.
“This strategic collaboration with 360 ONE will help accelerate our momentum in one of the world’s most significant and fastest-growing markets,” said Jin Yee Young, Co-Head Global Wealth Management Asia Pacific at UBS.
This move follows UBS’s return to the Indian onshore wealth market through its acquisition of Credit Suisse in 2023, having previously exited more than a decade ago. Foreign private banks have historically struggled in India’s wealth management sector due to intense competition from local firms and regulatory challenges.
The companies will establish a joint committee led by senior leadership to explore further growth opportunities, including possible collaborations in asset management products and investment banking services. The entire transaction remains subject to necessary regulatory approvals.
Published on April 22, 2025
