360 ONE WAM Ltd announced on Tuesday the acquisition of UBS AG's India wealth management business for Rs 307 crore, expanding its presence in the domestic wealth management sector.
The transaction includes stock broking, portfolio management, and distribution businesses, as well as the residual loan portfolio of wealth management clients, with active assets under management totaling approximately Rs 26,000 crore as of December 31, 2024.
As part of the agreement, 360 ONE WAM will issue 2.05 crore warrants to UBS AG for Rs 1,030 each. Upon conversion, UBS will own 4.95% of 360 ONE WAM Ltd.
360 ONE WAM shares closed at Rs 953.70 on the BSE on Monday, down 0.22%.
The agreement also includes a broader strategic collaboration between the two firms, allowing both companies to provide integrated onshore and offshore wealth management solutions. A joint committee will be formed to explore additional growth opportunities within this alliance.
"This collaboration represents a strategic leap forward for both 360 ONE WAM and UBS AG—one that strengthens our position as a market leader in India and UBS's offering as the wealth manager of choice for Global Indians," said Akhil Gupta, CEO of 360 ONE WAM.
Jin Yee Young, Co-Head Global Wealth Management Asia Pacific at UBS, stated, "We are proud of this latest milestone and confident that our 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 positioned to serve our global Indian clients wherever they are seeking greater opportunities, both domestically and globally."
