Asset manager 360 ONE WAM has agreed to acquire UBS’ onshore wealth management business in India to bolster the wealth management solutions available to Indian clients globally.
The transaction is valued at Rs3.07bn ($36.9m), with 360 ONE WAM issuing 20.5 million warrants to UBS AG at Rs 1,030 per warrant, The Economic Times reported.
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As per the exclusive strategic collaboration arrangement entered into by the companies, UBS will take over warrants for a 4.95% stake in 360 ONE.
The transaction includes the transfer of stock broking, portfolio management, and distribution businesses, the publication added.
Furthermore, the deal includes the residual loan portfolio of wealth management clients of UBS India’s wealth management business.
The acquisition will also bolster 360 ONE WAM’s portfolio, with active assets under management totalling approximately Rs260bn as of 31 December 2024.
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By GlobalDataUBS Global Wealth Management Asia Pacific co-head Jin Yee Young said: “We are proud of this latest milestone and convinced that this strategic collaboration with 360 ONE will help accelerate our momentum in one of the world’s most significant and fastest-growing markets.
“Together, we are best placed to serve our global Indian clients wherever they are as they seek greater opportunities, both domestically and globally.”
This collaboration will bring together UBS’s international and regional capabilities with 360 ONE’s in-depth local experience and presence, to improve services for clients and support the growth of UBS’s wealth management activities related to India, the Indian company said.
Subject to regulatory approvals, clients of both firms are expected to gain access to a range of onshore and offshore wealth management services.
The partnership also includes the exploration of future joint initiatives in asset management and investment banking.
UBS said that clients of 360 ONE with accounts in Singapore will be served by UBS Singapore, pending necessary approvals.
A joint committee comprising senior leaders from both UBS and 360 ONE will oversee the collaboration and identify areas for further development.
