Global Markets
UBS converts warrants into a 4.8% stake in Indian wealth manager 360 One
The Swiss bank exercised all 20.5 million warrants it received when it sold its Indian onshore wealth business to 360 One last year, a holding worth more than $200 million at Wednesday's close.
HedgeWeekly News Desk ·
UBS has taken a stake of about 4.8% in Mumbai-based 360 One WAM after exercising all 20,502,939 warrants it was allotted in July 2025 and paying the remaining 75% of the exercise price, UBS said on Thursday. UBS had paid a quarter of the price when the warrants were issued. Neither the per-share exercise price nor the total paid was disclosed.
At Wednesday's closing price the shares are worth more than $200 million, according to Kotak Neo. 360 One stock rose 0.87% to 1,047 rupees on Thursday, trading between 1,024.60 and 1,053.80 rupees.
The conversion completes a partnership agreed in April 2025, under which UBS sold its onshore Indian wealth management business to 360 One for about $32 million and received warrants for up to 4.95% of the company. That transfer closed in September 2025 and moved about $3 billion of client assets and 10 relationship managers to 360 One. In return, UBS is to serve 360 One's clients in Singapore, subject to regulatory approval.
Why it matters: the deal shows a global private bank choosing to own equity in a local leader rather than compete onshore, at a time when foreign banks face stiff competition and regulatory limits in Indian wealth management. 360 One had about $82 billion of wealth assets as of September, and co-founder Yatin Shah has said it holds close to 10% of India's ultra-high-net-worth market and aims for 12% to 13%. Investors in UBS and in listed Indian wealth managers can watch whether the Singapore servicing arrangement gains regulatory approval and how far the cross-border tie-up widens.