UBS picks up stake in 360 ONE, eyes further upsize

Mihir Doshi, managing director, country head–India, UBS Securities India, told Mint, “I think it’s really about cultures and about meeting of minds.”

“If the cultures are aligned, it (collaboration) works”.

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Jin Yee Young, co-head of Global Wealth Management Asia Pacific at UBS, pointed out that both UBS and 360 ONE are aligned in how they approach client service and how they take care of their clients. According to her, this shared mindset and ability to engage at the same level is a critical factor in the collaboration.

With this strategic alliance, UBS is set to contribute around ₹27,000 crore, bringing 360 ONE WAM’s total assets under management to nearly ₹6 trillion, according to Karan Bhagat, founder, managing director (MD) and chief executive officer (CEO) of 360 ONE.

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“UBS is expected to bring in around 250-300 clients, though their broader base is larger, with an average client base of approximately $5-6 million per client,” said Bhagat.

As part of the agreement, 360 ONE will acquire UBS’s onshore wealth management business in India through its subsidiaries. In turn, UBS will purchase warrants that convert into a 4.95% stake in 360 ONE. Both firms indicated to Mint that this stake could increase over time, depending on the success and progress of the collaboration.

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Young said this 4.95% stake is the initial step and a committee is set up to actually explore and identify opportunities going forward. But, “It all depends on how the synergies can come about,” she said.

“We might increase stake or we might find other ways to deepen and widen our collaboration. So there are many avenues, and increasing stake is definitely something on the plate. But right now we are not there yet…”

Commenting on India’s position in the global wealth landscape, Young noted that India ranks as the second-largest market in the Asia-Pacific region when it comes to wealth creation, with China holding the top spot.

Over the past year, the Nifty 50 has risen by more than 8%, a slight outperformance compared to China’s CSI 300 index, which gained 7%, according to Bloomberg data.

While some markets may offer selective opportunities, India’s robust pace of wealth creation and its expanding base of affluent individuals firmly establish it as a key driver in the region. Market experts have repeatedly highlighted India’s growing significance in the broader Asia-Pacific wealth landscape.

Jefferies’ Chris Wood has doubled down on India, raising its allocation by two percentage points in the firm’s Asia Pacific ex-Japan portfolio, now marking it as Overweight. The shift, funded by trimming Taiwan exposure, reflects Jefferies’ view of India as a potential macroeconomic safe haven amid global recession worries and trade policy volatility.

Another important aspect of India is investors get a diversified basket of sectors and industries to invest in, whether you look at large caps, midcaps or small caps, said Nimesh Chandan, chief investment officer (CIO), Bajaj Finserv AMC.

He added, “Having a fairly diversified set of businesses contributing to the earnings, leads to lower volatility in earnings growth. And this is why India is better placed compared to other emerging markets and even some of the developed markets.”