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Ionic Wealth, a wealth management firm, is aiming to expand into tier-two and tier-three cities, where high-net-worth individuals (HNIs) are shifting from traditional savings instruments to financial assets, its top official said. This strategic focus reflects a broader trend among HNIs in emerging regions who are increasingly looking for more sophisticated financial solutions. "We believe there is immense potential in Tier 2 and 3 cities, where HNIs are moving from traditional savings to financial assets, spurred by strong market performance during and after the pandemic. These investors are now accessing everything from simpler products like stocks and mutual funds to sophisticated solutions such as PMS and AIFs," Srikanth Subramanian, who is co-founder and CEO at Ionic Wealth (By Angel One) told PTI in an interaction. Recognizing the gap in these underserved markets, Ionic Wealth is focusing on a robust hybrid model combining technology with human advisory. This approach aims to
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.
The Congress on Monday asked the government to spell out what will be India's position on Brazil's proposal of a two per cent wealth tax on dollar billionaires when it is debated at the November G20 Summit. Congress general secretary in-charge communications Jairam Ramesh said India has been conspicuously silent on the matter which is not irrelevant for it since according to one new report, the country has 334 dollar billionaires worth over USD one billion. "Exactly a year ago, the annual G20 Summit began in New Delhi. The Presidency of the G20 rotates among its member countries every year. Two months from now the next G20 Summit will take place in Brazil, which has chosen to not create the hype and self-glorifying publicity like the non-biological PM did," Ramesh said in a post on X. "And what a difference a year has made. In September 2023 He was riding super high. Now he is still reeling from his personal, political, and moral defeat of June 4 2024," the Congress leader said. Fo