UBS in Discussions for Indian Minority-Owned Wealth Joint Venture, Sources Say

By Siddhi Nayak and Sarita Chaganti Singh

MUMBAI/NEW DELHI – UBS is currently in discussions to establish a joint venture in wealth management with Mumbai’s 360 One WAM, according to two sources familiar with the situation.

This partnership aims to broaden UBS’s wealth management services in India, targeting ‘high net worth individuals’ in addition to its current focus on ‘ultra high net worth individuals.’

India’s wealth management market is experiencing significant growth, spurred by rapid economic advancements and a bullish domestic market. The sector was valued at $429.1 billion in 2023, with projections indicating a compound annual growth rate of 4.6% from 2025 to 2029, as reported by TechSci Research.

As of June this year, UBS managed $4 trillion in invested assets globally, while 360 One, formerly known as IIFL Wealth Management, reported assets of 5.21 trillion rupees (approximately $62.28 billion).

UBS has refrained from commenting on the matter, and 360 One also declined to address speculation regarding the talks.

According to the sources, UBS has engaged in initial discussions with 360 One and is looking to acquire a stake of up to 26% in the joint venture, with a potential agreement expected in the coming months. The individuals remained anonymous due to their non-authorization to speak with the media.

While UBS has been considering establishing a wealth joint venture in India and is open to potentially holding a majority stake, a final partner has not yet been selected, according to another source.

The bank’s presence in India has been further enhanced by its absorption of Credit Suisse’s local operations, which it acquired last year following a government-led initiative.

If the joint venture comes to fruition, it would mark UBS’s entry into a second equity partnership within the Asia Pacific region with a local entity.

In 2019, UBS entered into a similar agreement with Sumitomo Mitsui Trust in Japan, resulting in a venture that is primarily owned by UBS and expands the range of services available to wealthy and ultra-wealthy clients.