360 One to buy UBS' local wealth management business
360 One WAM also entered into an exclusive tie-up with UBS that will help clients of both firms to gain access to each other's wealth management services.
360 One will also buy UBS's local stock broking and distribution business, discretionary and non-discretionary portfolio management services business, and residual loan portfolio, the release said. UBS has active assets under management of ₹26,000 crore as of December 21, 2024.
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Mumbai: Swiss financial services giant UBS will sell its domestic wealth management business to 360 One WAM in a deal valued at ₹307 crore, said a joint release. The firm will also pick up a 4.95% stake in 360 One WAM by acquiring 20.5 million warrants at a price of ₹1,030 apiece to be converted within 18 months from the allotment date. 360 One WAM shares ended at ₹1,010 on Tuesday, up 5.84%.360 One will also buy UBS's local stock broking and distribution business, discretionary and non-discretionary portfolio management services business, and residual loan portfolio, the release said. UBS has active assets under management of ₹26,000 crore as of December 21, 2024.The Mumbai-based firm handled ₹5,79,000 crore or $68 billion of rich investors' money, it said.360 One WAM also entered into an exclusive tie-up with UBS that will help clients of both firms to gain access to each other's wealth management services.
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