360 One to buy UBS' local wealth management business

Mumbai: Swiss financial services giant UBS will sell its domestic wealth management business to 360 One WAM in a deal valued at ₹307 crore, said a joint release. The firm will also pick up a 4.95% stake in 360 One WAM by acquiring 20.5 million warrants at a price of ₹1,030 apiece to be converted within 18 months from the allotment date. 360 One WAM shares ended at ₹1,010 on Tuesday, up 5.84%.

360 One will also buy UBS's local stock broking and distribution business, discretionary and non-discretionary portfolio management services business, and residual loan portfolio, the release said. UBS has active assets under management of ₹26,000 crore as of December 21, 2024.

The Mumbai-based firm handled ₹5,79,000 crore or $68 billion of rich investors' money, it said.


360 One WAM also entered into an exclusive tie-up with UBS that will help clients of both firms to gain access to each other's wealth management services.