UBS Explores Wealth Management Joint Venture in India

By Siddhi Nayak and Sarita Chaganti Singh

MUMBAI/NEW DELHI (Reuters) – UBS is in discussions to establish a wealth management joint venture with Mumbai-based 360 One WAM, according to two sources familiar with the situation.

The partnership would allow the Swiss bank to extend its services to ‘high net worth individuals’ (HNWIs) while currently focusing on ‘ultra high net worth individuals’ (UHNWIs).

India’s wealth management sector is growing rapidly due to economic expansion and market performance, valued at $429.1 billion in 2023, with a projected growth rate of 4.6% annually from 2025 to 2029, according to TechSci Research.

As of June, UBS reported $4 trillion in invested assets globally, whereas 360 One, formerly known as IIFL Wealth Management, holds assets worth 5.21 trillion rupees ($62.28 billion).

While UBS refrained from commenting, 360 One declined to discuss speculation. Preliminary discussions have taken place, with UBS intending to acquire a stake of up to 26% in the venture, with finalization expected in the coming months.

UBS has been considering setting up a wealth joint venture in India and may look for majority ownership; however, a partner has yet to be decided. Additionally, UBS’s presence in India has been strengthened by integrating Credit Suisse’s local operations following a rescue last year.

If the agreement proceeds, it would mark UBS’s second equity partnership in the Asia Pacific, following a deal with Sumitomo Mitsui Trust in Japan in 2019, aiming to enhance services for both businesses’ affluent clientele.

($1 = 83.5120 Indian rupees)