360 One WAM Ltd, an Indian asset managed backed by private equity firm Bain Capital, said Tuesday it has agreed to acquire the Indian onshore wealth business of Swiss giant UBS for Rs 307 crore ($36 million).
The deal includes the purchase of UBS' local stock broking and distribution business, discretionary and non-discretionary portfolio management services business and residual loan portfolio of wealth management clients, Mumbai-listed 360 One said in a statement.
The active assets under management of this business stood at about Rs 26,000 crore as on December 31, 2024.
As part of the deal, which is subject to regulatory approvals, UBS will purchase warrants amounting to a 4.95% stake in 360 One. In addition, UBS will also serve 360 One’s clients in Singapore.
This is the second acquisition by 360 One in 2025. In January, 360 One WAM acquired brokerage firm B&K Securities and its mutual fund distribution arm for Rs 1,884 crore ($218 million) in a cash-and-stock deal.
Headquartered in Mumbai, 360 One has more than 1,200 employees and a presence in five major global financial hubs and 27 locations in India. It advises over 7,500 families in the ultra-HNI and HNI segments, with aggregate assets of more than Rs 5.8 trillion ($68 billion) under management.
Global private equity firm Bain Capital had acquired close to 25% in 360 One WAM (then IIFL Wealth Management Ltd) for Rs 3,680 crore ($485.6 million) in March 2022. The deal saw erstwhile investors General Atlantic and Fairfax India Holdings Corporation make a partial exit from IIFL Wealth.
Switzerland-headquartered UBS is a global provider of wealth management and investment bank services, as well as diversified asset management solutions. Following the acquisition of Credit Suisse, UBS managed $6.1 trillion in invested assets as of the fourth quarter of 2024.
