UBS considers expanding Indian wealth management with joint venture 360 ​​One WAM: Report | Indiablooms

Mumbai: UBS is in talks to set up an Indian wealth management joint venture with Mumbai-based 360 One WAM, according to Reuters.

The proposed collaboration would enable the Swiss bank to expand its Indian wealth business and extend its services to “high net worth individuals” in addition to its current focus on “ultra high net worth individuals”, the sources revealed.

India’s wealth management sector is witnessing robust growth driven by rapid economic growth and a strong domestic market recovery.

According to TechSci Research, the sector will be worth $429.1 billion in 2023 and will grow at a compound annual rate of 4.6% between 2025 and 2029.

Globally, UBS had $4 trillion in invested assets as of June, while 360 ​​One, formerly known as IIFL Wealth Management, manages assets worth 5.21 trillion rupees ($62.28 billion).

UBS and 360 One declined to comment on the possible joint venture. The latter stated: “We do not comment on speculation.”

Preliminary discussions suggest UBS could take a stake of up to 26% in the partnership, with a deal expected in the coming months, said the sources, who requested anonymity because they were not authorized to speak to the media to speak.

While UBS has been exploring options for setting up a wealth management joint venture in India and is ready to acquire a majority stake, no final decision has been made on a partner, another source added.

UBS’s presence in India has been strengthened by integrating the local operations of Credit Suisse, which it acquired last year as part of a bailout carried out by the Swiss government.

If the joint venture goes ahead, India would be the second country in the Asia-Pacific region where UBS enters into an investment partnership with a local company.

In 2019, UBS formed a joint venture with Sumitomo Mitsui Trust in Japan, majority-owned by the Swiss bank, to expand services to its high-net-worth and ultra-high-net-worth clients.