More than a year after selling its wealth business to 360 One, UBS converted the warrants it received in that transaction into equity. The Swiss lender exercised over 20.5 million warrants allotted by the Mumbai-based manager, paying a quarter of the exercise price at allotment and later sending the remaining three quarters. As of Wednesday's close, the resulting 4.8% position was valued at north of $200 million.
UBS's move lands as global private banks have been losing share to Indian competitors, including Kotak Mahindra Bank's private banking arm and 360 One. UBS Global estimates place India among the fastest-growing wealth markets, with nearly one million millionaires and no fewer than 211 billionaires.
Under the prior deal, 360 One took on $3 billion of UBS client assets and added 10 relationship managers. The firm managed $82 billion in wealth assets as of September and ranks among India's biggest independent money managers. It serves nearly 10% of the country's ultra high net worth market and is aiming for 12% to 13%, Cofounder Yatin Shah said in August. The company said last month that Jefferies India Head Aashish Agarwal would become chief executive officer in February.
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The takeaway is straightforward: UBS now has a minority share in a large Indian wealth manager at a time when local players are gaining ground and India's wealth pool is expanding. For portfolios tracking financials, the combination of rising assets under management, client inflows, and leadership changes at 360 One outlines the operating backdrop investors are watching.
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