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Business Standard
22-04-2025
- Business
- Business Standard
UBS to sell wealth management biz to 360 One, to take 4.95% stake in it
360 ONE Wealth and Asset Management Ltd (360 ONE) on Tuesday said it proposes to acquire wealth management business of UBS India. Under the proposed deal, Switzerland-headquartered UBS India will pick up a 4.95 per cent stake in 360 ONE through warrants, according to an exchange filing. As part of this collaboration, it is proposed that clients from both institutions will have access to onshore and offshore wealth management solutions, 360 One said in a regulatory filing. Potential collaborative opportunities for asset management products and investment banking services will also be explored, it said. In addition, 360 ONE will acquire UBS's onshore wealth management business in India through its subsidiaries, it said. UBS will also purchase warrants amounting to 4.95 per cent stake in 360 ONE, demonstrating UBS's commitment to the fast-growing ultra and high-net-worth Indian market, it said. The entire transaction will be subject to the necessary regulatory approvals, it added. "A joint committee led by senior leadership from both institutions will be established to explore growth opportunities. This is a first step towards a powerful collaboration, which will further enhance the value proposition and unlock synergies for our clients and employees," it said. With this transaction, it opens the way for a global, personalized, and sophisticated wealth management experience for both sets of clients as well as significant value enhancement to our employees and shareholders, Akhil Gupta, Chairman, 360 ONE 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," UBS Co-Head Global Wealth Management Asia Pacific Jin Yee Young said.
Yahoo
22-04-2025
- Business
- Yahoo
360 ONE WAM to buy UBS India's wealth management business
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. 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. UBS 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. "360 ONE WAM to buy UBS India's wealth management business" was originally created and published by Private Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Business Times
22-04-2025
- Business
- Business Times
UBS resets India strategy with 360 ONE deal
[HONG KONG/BENGALURU] UBS said on Tuesday (Apr 22) it would sell its Indian wealth business to 360 ONE WAM and take a stake of nearly 5 per cent, worth some US$220 million, in the Mumbai-based asset manager, adding that it might consider boosting its ownership. 360 ONE's shares shot up 7 per cent in Mumbai afternoon trade. The transaction underscores the Swiss bank's efforts to consolidate global business platforms and sharpen its focus in key markets amid regulatory concerns about its size since it took over Credit Suisse in 2023. Bain-backed 360 ONE said in a statement it would buy most of the bank's wealth and asset management business in India – which had been largely Credit Suisse operations – for 3.07 billion rupees (S$47.5 million). That includes the local stock broking and distribution business, discretionary and non-discretionary portfolio management services business and residual loan portfolio. UBS will, however, take over serving 360 ONE's clients in Singapore, subject to regulatory approvals. The companies will also explore opportunities for collaboration on asset management products and investment banking services. Despite the increasing number of wealthy individuals in India, one of the world's fastest-growing economies, foreign private banks have struggled to boost revenues in the country due to stiff competition with deeply entrenched local players and regulatory limitations, leading many to exit the market. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Jin Yee Young, co-head of UBS global wealth management Apac, told Reuters in an interview that the deal brings together 'complementary' elements that the two firms have. She said that UBS, which plans to acquire warrants for a 4.95 per cent stake in 360 ONE – worth about 19 billion rupees as of Monday's close – could boost that holding but did not elaborate. Going forward, UBS India's operations will be focused on investment banking and equity capital markets, Mickey Doshi, who heads UBS India and joined the firm from Credit Suisse, said in the same interview. The fixed-income business, which Credit Suisse was active in prior to the merger, is no longer a focus, he said. Doshi did not say whether UBS will give up the local banking licence required for the fixed-income business. UBS in 2013 gave up an Indian banking licence but acquired a fresh one after taking over Credit Suisse. UBS shares dipped 0.7 per cent in Zurich morning trade. Asia wealth partnerships UBS' wealth partnership model in India contrasts with its efforts to expand in other Asian wealth markets in recent years. In 2019, it signed a deal with Sumitomo Mitsui Trust in Japan to create a venture, majority-owned by UBS, expanding services for wealthy and ultra-wealthy clients. In March this year, UBS acquired full ownership of a securities joint venture in China where it serves wealth clients. Under the UBS-360 ONE deal, clients from both firms will have access to onshore and offshore wealth management solutions, 360 ONE said. 360 ONE's ability to offer global wealth solutions to its Indian client base and offer domestic solutions to UBS' large global client base, especially institutional clients, is likely to give it a 'significant edge over competitors', analysts at Citi said in a research note. 360 ONE provides investment and financial advice to more than 7,500 wealthy and ultra-wealthy families in India, with US$68 billion in assets under management. UBS also runs trading, global banking and asset management businesses in India and has several large service centres across the country. REUTERS
Business Mayor
22-04-2025
- Business
- Business Mayor
360 ONE WAM to acquire UBS India wealth biz in Rs 307 crore deal
360 ONE WAM Ltd on Tuesday announced the acquisition of UBS AG's India wealth management business in a transaction valued at Rs 307 crore, further strengthening its presence in the domestic wealth management sector. The deal includes stock broking, portfolio management, and distribution businesses, alongside the residual loan portfolio of wealth management clients, with active assets under management of 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 at Rs 1,030 per warrant. Upon conversion, this will give UBS a 4.95% equity stake in 360 ONE WAM Ltd. 360 ONE WAM shares closed at Rs 953.70 on BSE on Monday, down 0.22 per cent. The deal also includes a broader strategic collaboration between the two firms as it will allow both companies to offer integrated onshore and offshore wealth management solutions. A joint committee will be formed to explore further growth opportunities under 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, Chairman, 360 ONE WAM. Jin Yee Young, Co-Head Global Wealth Management Asia Pacific, UBS 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.'
Time of India
22-04-2025
- Business
- Time of India
360 ONE WAM to acquire UBS India wealth biz in Rs 307 crore deal
360 ONE WAM Ltd on Tuesday announced the acquisition of UBS AG 's India wealth management business in a transaction valued at Rs 307 crore, further strengthening its presence in the domestic wealth management sector. The deal includes stock broking , portfolio management , and distribution businesses, alongside the residual loan portfolio of wealth management clients, with active assets under management of 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 at Rs 1,030 per warrant. Upon conversion, this will give UBS a 4.95% equity stake in 360 ONE WAM Ltd. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play this game for 3 minutes, if you own a mouse Undo 360 ONE WAM shares closed at Rs 953.70 on BSE on Monday, down 0.22 per cent. The deal also includes a broader strategic collaboration between the two firms as it will allow both companies to offer integrated onshore and offshore wealth management solutions. A joint committee will be formed to explore further growth opportunities under this alliance. Live Events '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, Chairman, 360 ONE WAM. Jin Yee Young, Co-Head Global Wealth Management Asia Pacific, UBS 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.'
