UBS acquires 4.8% stake in 360 ONE WAM: What the warrant conversion means for India's wealth market - Decoded
A Ksheerasagar
360 ONE WAM, one of India’s largest independent wealth and asset management firms, announced on Thursday that Swiss banking major UBS had acquired a 4.8% stake in the company through the conversion of warrants.
UBS AG had subscribed to 20,502,939 warrants on a preferential basis under an agreement with 360 ONE. The warrants were allotted on July 21, 2025, with 25% of the exercise price paid at the time of allotment. UBS AG has now exercised all the warrants and paid the remaining 75% of the exercise price.
“Pursuant to this, 360 ONE has allotted 2,05,02,939 equity shares to UBS AG, representing approximately a 4.8% equity stake in 360 ONE WAM Ltd,” the company said in a regulatory filing.
The move comes as global private banks face increasing competition from domestic players, including Kotak Mahindra Bank’s private banking arm and 360 ONE. India is among the world’s fastest-growing wealth markets, with nearly a million millionaires and at least 211 billionaires, according to UBS estimates.
In April 2025, the companies announced a partnership under which UBS agreed to sell its Indian onshore wealth management business to 360 ONE for around $32 million, while acquiring warrants representing a 4.95% stake in the Indian firm.
360 ONE WAM is among India’s leading wealth and asset management firms, managing assets worth more than ₹9 lakh crore ($94.1 billion) and serving over 9,000 families and corporate clients. Last month, the company announced that Jefferies India head Aashish Agarwal would take over as its chief executive officer in February.
The company aims to capture a larger share of the market for managing the wealth of India’s richest families over the next few years, as demand for asset management services in this segment continues to grow.
India’s largest independent wealth manager currently commands nearly 10% of the ultra-high-net-worth market and aims to increase its share to 12%-13%, Co-founder Yatin Shah told Bloomberg in an interview in August.
UBS is a global wealth manager and Switzerland’s leading universal bank. It also offers asset management solutions and investment banking services. The bank managed $7.3 trillion in invested assets as of the second quarter of 2026.
The shares have turned volatile recently after an extended rally. So far in October, the stock has declined 3%, following a 12.4% fall in September. Looking further back, the stock witnessed a strong rally between May 2023 and December 2024, gaining around 200%.
On a year-to-date basis, the stock is down 16%, with shares trading at around ₹997.
A Ksheerasagar
Ksheera Sagar has been working as a Market Research Analyst at LiveMint for the past four years, covering stocks, commodities, and broader financial markets. In this role, he closely tracks daily market movements, corporate earnings, sector trends, and macroeconomic developments. <br><br> He has over a decade of experience in the financial services industry and has previously worked with multiple organisations, including global investment bank J.P. Morgan, bringing strong research experience into the newsroom. <br><br> During his career, he has gained extensive exposure to equity research, market analysis, and financial data interpretation, strengthening his expertise across asset classes and market cycles. <br><br> He is known for his data-driven analysis and crisp, listicle-style market stories that break down complex financial developments across key markets for a wide audience. His strong research skills enable him to write detailed and insightful stories on stocks and sectors, focusing on the underlying factors driving market movements. <br><br> His work combines quantitative insights with clear storytelling, presenting financial developments in a clear and structured manner. Moreover, he enjoys writing multibagger and listicle-style copies. Outside of work, Ksheera enjoys playing the piano and exploring new places. He has a keen interest in travel, music, and continuously learning about global markets and economic trends.
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