Swiss banking major UBS has acquired an approximately 4.8% stake in Indian wealth manager 360 One WAM through the conversion of 20.5 million warrants into equity shares, in a transaction valued at more than $200 million.

Key Highlights

• UBS made its acquisition of 360 One WAM by converting 20.5 million warrants into equity shares, an approximate 4.8% stake.​

• The transaction is valued at over $200 million and follows UBS's strategic partnership with 360 One WAM in 2025.

UBS confirmed that it had exercised all its 20.5 million warrants allotted to it in July 2025 and paid the remaining amount to acquire an equivalent number of shares at the Mumbai-based wealth management firm. The value of the stake is calculated at more than $200 million based on 360 One WAM's closing Wednesday share price.

UBS Converts 20.5 Million Warrants Into 360 One WAM Shares

Swiss banking major UBS initially paid 25% of the exercise price when the warrants were allotted and has now paid the remaining 75%. The conversion gives the Swiss bank an approximately 4.8% equity stake in 360 One WAM.

The deal was inked as a strategic partnership in April 2025, in which UBS would sell its onshore wealth management business to 360 One for about $32 million. Under the deal, UBS will receive warrants that give it up to 4.95% of Indian wealth manager.

UBS-360 One Partnership Includes Client Assets and Relationship Managers

The partnership also involved the transfer of client relationships and assets. As part of the transaction, 360 One absorbed approximately $3 billion in client assets from UBS, along with 10 relationship managers, Bloomberg reported.

UBS also took over the servicing of 360 One's clients in Singapore, subject to regulatory approvals. In September 2025, 360 One completed business transfer agreements with UBS and Credit Suisse.

The arrangement comes amid increasing competition between international banks and domestic wealth management firms in India. Regulatory constraints have also influenced how foreign lenders operate in the country's wealth management market.

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360 One WAM Expands Its Wealth Management Presence

360 One is among India's largest independent wealth managers, with approximately $82 billion in wealth assets under management as of September.

The company is looking to strengthen its position among ultra-high-net-worth individuals (UHNIs). During an interview in August, co-founder Yatin Shah said the firm held nearly 10% of India's UHNI market and aimed to increase its share to 12%–13%.

The company is also preparing for a leadership transition. Last month, 360 One announced that Aashish Agarwal, head of Jefferies India, would assume the role of chief executive officer in February.

UBS's latest stake acquisition strengthens its financial connection with 360 One WAM as the Indian wealth manager continues to expand its client base and market presence.