Indian firm going global
360 ONE
India's UHNW leader: built an NRI offshore platform, bought UBS's India onshore book, handed UBS warrants for a 4.95% stake.
Dedicated NRI team
Yes
Strategy tenure
offshore since 2010 (Dubai entity); dedicated 360 ONE Global platform since Sep 2023
India onshore arc
Onshore active
Hubs
Dubai, Singapore, GIFT City
360 ONE WAM (formerly IIFL Wealth) is India's largest UHNW manager — around ₹7.8 lakh crore of total AUM at June 2026 — and the boldest Indian firm going global for the non-resident-Indian wallet. It launched 360 ONE Global in September 2023 to serve NRIs and Gulf/Asian families out of Singapore and Dubai, lost founding CEO Vikram Malhotra and a team of ten in April 2025, then reset the international strategy around UBS: buying UBS's India onshore wealth business for ₹307 crore, issuing UBS warrants for a 4.95% stake, and signing a revenue-sharing cross-border referral pact in November 2025. In August 2026 its GIFT City subsidiary won a retail fund-management licence, positioning the IFSC as its onshore-offshore hub for global-Indian money.
Why it matters
360 ONE is the mirror image of the global banks in this corridor: where UBS and Deutsche exit India onshore to chase NRIs offshore, the Indian champion owns the onshore wallet and buys its way outward — even absorbing a departing global bank's India book. Its own offshore build has been bumpy: the Malhotra team walkout gutted 360 ONE Global months before the UBS deal, so the UBS partnership now supplies international booking capability the firm could not retain in-house. GIFT City is the tell — rather than defend Singapore or Dubai booking centres, 360 ONE is betting the IFSC becomes the default wrapper for global-Indian capital.
By the numbers
₹7.8 lakh crore total AUM
Group assets under management at Q1 FY27 (quarter ended June 2026)
360 One WAM Q1 2027 Earnings Call Highlights (via Yahoo Finance / GuruFocus), 16 Jul 2026 · Jun 2026
₹3.42 lakh crore ARR AUM
Annual Recurring Revenue assets under management, +19% YoY
Sahi.com, 3 Aug 2026 · Jun 2026
~₹5.79 lakh crore (~$68bn)
Self-reported assets at the November 2025 UBS collaboration announcement
Angel One (market update), 6 Nov 2025 · Nov 2025 · self-reported
~10% of India UHNW market
Self-reported UHNW market share, targeting 12-13% over four to five years
Private Banker International (via Yahoo Finance), 3 Aug 2026 · Aug 2026 · self-reported
The journey
UBS sale reported completed; Yatin Shah puts 360 ONE at ~10% of India's UHNW market
By August 2026 reporting described the UBS India wealth sale as done — UBS having taken warrants for a 4.95% stake (20.5 million warrants at ₹1,030 each) — with co-founder Yatin Shah saying the firm holds nearly 10% of India's UHNW market and targets 12-13% over four to five years, prioritising client retention, net new clients and relationship-manager productivity.
Private Banker International (via Yahoo Finance), 3 Aug 2026
GIFT City subsidiary secures a retail fund-management licence — the IFSC becomes the onshore-offshore hub
360 ONE Global Asset Management (IFSC) Limited received its final Certificate of Registration as a Registered Fund Management Entity (Retail) from IFSCA, letting it launch and operate onshore-offshore funds at GIFT City for retail investors with a minimum net worth of USD 1 million. The move gives 360 ONE a domestic-territory route to book dollar-denominated global-Indian money without Singapore or Mauritius wrappers.
Collaboration Services Agreement with UBS: cross-border referrals with revenue sharing
360 ONE WAM and UBS AG signed a Collaboration Services Agreement to refer clients to each other across borders and jointly offer wealth solutions, including a revenue-sharing model tied to onboarded clients. 360 ONE disclosed the pact as arm's-length and not a related-party transaction, and stated it managed around ₹5.79 lakh crore (~$68 billion) in assets.
CCI clears the UBS transaction — the acquired entities are the inherited Credit Suisse India businesses
India's Competition Commission approved 360 ONE Portfolio Managers acquiring the PMS business of Credit Suisse Securities (India), 360 ONE Distribution Services taking CS Securities' stock-broking and distribution, and 360 ONE Prime acquiring a UBS Finance India loan portfolio, plus UBS AG's subscription to warrants for ~4.95% of 360 ONE WAM's paid-up capital.
360 ONE buys UBS's India onshore wealth business for ₹307 crore and hands UBS a 4.95% warrant stake
360 ONE WAM agreed to acquire UBS AG's India wealth business — stockbroking, distribution, portfolio management and a residual loan portfolio, with about ₹26,000 crore of active AUM — for ₹307 crore. In return it issued roughly 2.05 crore warrants to UBS at ₹1,030 each (convertible within 18 months) for a 4.95% stake, and agreed that 360 ONE clients booked in Singapore would move to UBS Singapore. UBS thus exits India onshore while becoming a 360 ONE shareholder and offshore referral partner.
Samco (knowledge centre), 22 Apr 2025 · UBS Media Release, 22 Apr 2025
Founding CEO Malhotra walks out with a team of ten — weeks before the UBS deal
Vikram Malhotra resigned from 360 ONE Global along with a team of ten, including five bankers plus investment counsellors and assistant relationship managers across Singapore and Dubai — among them Pankaj Nagrath and Arunabh Banerjee, both former Bank of Singapore bankers who had joined at launch. The team's next destination was not disclosed. The exits landed amid reported UBS joint-venture talks.
Hubbis, 3 Apr 2025 (read via search, 2026-08-30) · Bloomberg headline (via X/SanthanamVaidya), 3 Apr 2025
360 ONE launches '360 ONE Global' for NRIs and hires ex-Bank of Singapore veteran Vikram Malhotra to run it
360 ONE launched an offshore wealth and investment advisory platform, 360 ONE Global, hiring Vikram Malhotra — previously Global Market Head for Global South Asia and Middle East at Bank of Singapore, with more than three decades across Barclays, UBS and ABN AMRO — as Co-founder & CEO, with team members stationed in Singapore and Dubai. Group AUM at the time was around ₹3,83,000 crore (more than $46.5 billion).
Dubai (DIFC) private-wealth entity licensed — the offshore pedigree that predates the '360 ONE Global' brand
The group's DIFC-regulated Dubai arm was licensed on 31 October 2010 as IIFL Private Wealth Management (Dubai) Limited and has since been renamed 360 ONE Private Wealth (Dubai) Limited (DFSA reference F001202), authorised to arrange deals in and advise on investments. It gave the firm a Gulf booking presence more than a decade before it formalised a global-Indian platform.
Connections
Featured in: UBS ⇄ 360 ONE: the two-way structure that split India onshore from the Global-Indian offshore wallet · The Credit Suisse collapse seeded the modern NRI arms race · Bank of Singapore: the NRI sector's involuntary academy · Sell India onshore, double down on the NRI offshore — a pattern repeated four times
11 sources · all linked
360 One WAM Q1 2027 Earnings Call Highlights (via Yahoo Finance / GuruFocus), 16 Jul 2026 · Sahi.com, 3 Aug 2026 · Angel One (market update), 6 Nov 2025 · Private Banker International (via Yahoo Finance), 3 Aug 2026 · Business Upturn (citing PIB release), 8 Jul 2025 · Samco (knowledge centre), 22 Apr 2025 · UBS Media Release, 22 Apr 2025 · Hubbis, 3 Apr 2025 (read via search, 2026-08-30) · Bloomberg headline (via X/SanthanamVaidya), 3 Apr 2025 · WealthBriefingAsia, 8 Sep 2023 · DFSA Public Register (read via search, 2026-08-30)