UBS to Transfer Onshore India Business to 360 ONE
UBS has entered a collaborative tie-up with 360 ONE WAM which includes the transferral of its onshore India wealth business.
UBS has entered an exclusive strategic collaboration with 360 ONE WAM – a Mumbai-headquartered wealth and asset management firm with around $68 billion in client assets – according to a statement.
The collaboration, subject to regulatory requirements and approvals, proposes that clients from both institutions have access to onshore and offshore wealth management solutions. Potential collaborative opportunities for asset management products and investment banking services will also be explored.
In addition, UBS will transfer its onshore wealth management business in India to 360 ONE, while 360 ONE clients booked in Singapore will be served by UBS Singapore, subject to the required approvals as applicable. According to 360 ONE in a separate statement, the deal is valued at 3.07 billion Indian rupees ($36 million).
Minority Stake
To further demonstrate its commitment to the Indian market, UBS will acquire warrants for a 4.95 percent stake in 360 ONE. A joint committee led by senior leadership from both institutions will also be formed to explore growth opportunities.
«We are proud of this latest milestone and convinced that this strategic collaboration with 360 ONE will help accelerate our momentum in one of the world’s most significant and fastest-growing markets. Together, we are best placed to serve our global Indian clients wherever they are as they seek greater opportunities, both domestically and globally,» commented Jin Yee Young, APAC global wealth management co-head at UBS.
«This collaboration represents a strategic leap forward for both 360 ONE WAM and UBS — one that strengthens our position as market leader in India and UBS’s offering as the wealth manager of choice for global Indians,» added 360 ONE WAM chairman Akhil Gupta. «With this transaction, it opens the way for a global, personalized, and sophisticated wealth management experience for both sets of clients as well as significant value enhancement to our employees and shareholders.»
