Citi bullish on 360 One WAM, Nuvama and Prudent Corp

Citi said wealth managers with a diversified asset base are likely to perform better than peers. The brokerage said that its preferred capital market picks are 360 One WAM, Nuvama and Prudent Corporate Advisory.

Based on the target prices, 360 One WAM has an upside potential of 23% from Tuesday's closing prices, while Nuvama and Prudent Corporate Advisory offer 61% and 87% upside, respectively.

Citi said that it expects a one-time equity broking jump for 360 One WAM driven by the Batlivala & Karani acquisition to service existing clients and the ability to cross sell non-mutual fund products will offer revenue levers for the wealth manager.


"While softness in broader markets can drag monetisation-led new client acquisition, likely market share gains, sustained flows into AMC and lumpy institutional mandates can aid," said Citi in a note.

The brokerage has a 'Sell' rating on other capital market players like Aditya Birla Sun Life AMC, CAMS, HDFC AMC, KFintech and UTI AMC.