UBS has announced an exclusive strategic collaboration with India's 360 ONE WAM Ltd. Combining UBS’s global expertise with 360 ONE’s local insights, the initiative marks a significant step in enhancing the wealth management services both domestically and internationally for their clients.
The collaboration, pending regulatory approvals, aims to provide clients access to onshore and offshore wealth management solutions. Additional collaborative possibilities for asset management and investment banking services are set to be explored. Crucially, UBS plans to transfer its onshore wealth management business in India to 360 ONE. Concurrently, 360 ONE clients booked in Singapore will be catered to by UBS Singapore, pending necessary approvals. Also, UBS will be acquiring a 4.95% stake in 360 ONE through warrants, signaling their commitment to the Indian market.
The partnership will see a joint committee of senior leaders from both companies formed to pursue growth opportunities. According to UBS's Jin Yee Young, the collaboration is a milestone that seeks to boost their momentum in the Indian market. Mihir Doshi, India Country Head at UBS, expressed excitement about providing enhanced services through the partnership. Akhil Gupta, Chairman of 360 ONE WAM, noted that the alliance strengthens both entities' market positions. Karan Bhagat, CEO of 360 ONE, also remarked on the collaboration as a powerful relationship fostering long-term value creation.
UBS was recently recognized as Asia’s Best International Private Bank and the Best Private Bank in Asia Pacific. 360 ONE also received accolades as India’s Best Wealth Manager and Best Private Bank India at the respective industry awards.
UBS, headquartered in Zurich, Switzerland, is well-regarded for its wealth management services, managing $6.1 trillion in assets. Meanwhile, 360 ONE is a key player in wealth and asset management within India, managing assets worth approximately USD 68 billion. The firm has a strong presence in 27 locations across India and several global financial hubs.
Rob Stewart, Julie Yeo, Hui-Kheng Goh, and Simone Meier are contacts at UBS for further information regarding this collaboration.