India’s 360 ONE WAM plans to lift its share of the country’s ultra-high-net-worth wealth market in the coming years as demand for asset management in this segment increases.
The firm now accounts for nearly 10% of the market and wants to raise that to 12% or 13%, co-founder Yatin Shah said in an interview to Bloomberg.
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India has about 40,000 to 45,000 families with financial wealth above Rs500m ($5.2m), Shah said.
Over the next four to five years, 360 ONE wants roughly a quarter of these families to be among its clients, he added.
“Our core focus areas remain client retention, net new client addition, and relationship manager productivity,” Shah, who is also chief executive officer of 360 Wealth, said.
UBS Group last year sold its India wealth business to 360 ONE in exchange for an option to acquire a minority stake in the local company, alongside a partnership aimed at growing the Swiss bank’s operations in India.
The deal was valued at Rs3.07bn ($36.9m).
360 ONE WAM issued 20.5 million warrants to UBS at Rs1,030 each, The Economic Times reported.
Under the exclusive collaboration arrangement between the companies, UBS took over warrants representing a 4.95% stake in 360 ONE.
Earlier this year, Bloomberg reported that 360 ONE Asset Management is planning to raise as much as $500m for its sixth private credit fund.
It is expected to target wealthy individuals and family offices in India, along with overseas institutional investors.
