UBS to sell wealth management biz to 360 One, to take 4.95% stake in it

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360 ONE Wealth and Asset Management Ltd (360 ONE) on Tuesday said it proposes to acquire wealth management business of UBS India.

Under the proposed deal, Switzerland-headquartered UBS India will pick up a 4.95 per cent stake in 360 ONE through warrants, according to an exchange filing.

As part of this collaboration, it is proposed that clients from both institutions will have access to onshore and offshore wealth management solutions, 360 One said in a regulatory filing.

Potential collaborative opportunities for asset management products and investment banking services will also be explored, it said.

In addition, 360 ONE will acquire UBS's onshore wealth management business in India through its subsidiaries, it said.

UBS will also purchase warrants amounting to 4.95 per cent stake in 360 ONE, demonstrating UBS's commitment to the fast-growing ultra and high-net-worth Indian market, it said.

The entire transaction will be subject to the necessary regulatory approvals, it added.

"A joint committee led by senior leadership from both institutions will be established to explore growth opportunities. This is a first step towards a powerful collaboration, which will further enhance the value proposition and unlock synergies for our clients and employees," it said.

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, Akhil Gupta, Chairman, 360 ONE said.

"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," UBS Co-Head Global Wealth Management Asia Pacific Jin Yee Young said.