UBS eyes Indian wealth management expansion with 360 One WAM joint venture: Report

The proposed collaboration would enable the Swiss bank to broaden its Indian wealth business, extending 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 experiencing robust growth, driven by rapid economic expansion and a strong domestic market rally.

Valued at $429.1 billion in 2023, the sector is projected to grow at a compound annual rate of 4.6% between 2025 and 2029, according to TechSci Research.

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 potential joint venture, with the latter stating, "We do not comment on speculation."

The preliminary talks suggest that UBS may take up to a 26% stake in the partnership, with a deal expected in the coming months, said the sources, who requested anonymity as they were not authorized to speak to the media.

While UBS has been exploring options to set up a wealth management joint venture in India, and is open to owning 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 Swiss government-engineered rescue.

If the joint venture materializes, India would be the second country in the Asia Pacific region where UBS enters into an equity partnership with a local firm.

In 2019, UBS formed a venture with Sumitomo Mitsui Trust in Japan, majority-owned by the Swiss bank, to expand services for their wealthy and ultra-wealthy clients.