Swiss banking major UBS has acquired an approximately 4.8% stake in wealth manager 360 One WAM after converting warrants into equity shares, the bank said on Thursday, October 22.
The transaction marks another step in the strategic partnership between the two companies.
UBS said it had exercised all 20.5 million warrants allotted to it in July 2025 and paid the remaining amount to acquire an equivalent number of shares in the Mumbai-based wealth manager.
The bank had paid 25% of the exercise price when the warrants were allotted and has now paid the remaining 75%, according to Bloomberg. The stake was valued at more than $200 million at Wednesday’s closing share price, Bloomberg reported.
How the UBS-360 One partnership works
The transaction follows a partnership announced by UBS and 360 One in April 2025, under which the Swiss bank agreed to sell its onshore wealth management business in India to 360 One for approximately $32 million. As part of the arrangement, UBS received warrants that could give it a stake of up to 4.95% in the Indian firm.
UBS has also taken over the servicing of 360 One’s clients in Singapore, subject to regulatory approvals. 360 One completed business transfer agreements with UBS and Credit Suisse in September 2025.
According to Reuters, the partnership comes amid intensifying competition between foreign banks and domestic wealth managers in India, where regulatory constraints have also shaped the operating environment for international lenders.
As part of the transaction, 360 One absorbed approximately $3 billion in client assets from UBS, along with 10 relationship managers, Bloomberg reported.
360 One expands its wealth management business
360 One is among India’s largest independent wealth managers. The company managed approximately $82 billion in wealth assets as of September, according to Bloomberg.
The firm is seeking to expand its presence among ultra-high-net-worth individuals (UHNIs). Co-founder Yatin Shah told Bloomberg in an interview in August that 360 One held nearly 10% of India’s UHNI market and was targeting a share of 12% to 13%.
Last month, the company announced that Aashish Agarwal, head of Jefferies India, would take over as its chief executive officer in February.