UBS in talks to form Indian minority-owned wealth joint venture, sources say

UBS has been in talks to form an Indian wealth management joint venture with Mumbai-based 360 One Wealth and Asset Management, two sources with direct knowledge of the matter said.

The joint venture would help the Swiss bank to expand its Indian wealth business to “high net worth individuals” from its existing focus on “ultra-high net worth individuals”, they said.

India’s wealth management sector is being driven by rapid economic growth and a domestic market rally. It was worth US$429.1 billion in 2023, and is forecast to grow at a compound annual rate of 4.6 per cent between 2025 and 2029, TechSci Research said.

Globally, UBS had US$4 trillion worth of invested assets at the end of June. Conversely, 360 One – previously known as IIFL Wealth Management – has 5.21 trillion rupees (S$79.8 billion).

UBS declined to comment, while 360 One said it did not comment on speculation.

UBS has held preliminary talks with 360 One and plans to hold a stake of up to 26 per cent in the venture, with a deal expected in the next few months, said the sources, who declined to be named as they were not authorised to speak to the media.

While Switzerland’s biggest bank has been exploring the possibility of setting up a wealth joint venture in India and would be open to owning a majority stake, no decision had been taken about a partner, another source added.

The bank’s Indian presence has been bolstered by the integration of the local operations of Credit Suisse.

If the India joint venture plan materialises, it would be the second country in the Asia-Pacific region where UBS would enter an equity partnership with a local player.

UBS signed a deal with Sumitomo Mitsui in Japan in 2019 to create a venture, which was majority-owned by the Swiss bank that expanded the services both companies can offer their wealthy and ultra-wealthy customers. REUTERS