UBS converts its warrants into a 4.8% stake in India's 360 ONE WAM

On 22 October 2026, 360 ONE WAM, the Mumbai-based wealth and asset manager, told the Indian stock exchanges that it had allotted 20,502,939 new equity shares to UBS AG at Rs 1,030 each. The shares came from the conversion of every warrant UBS held. UBS now owns about 4.8% of the company’s enlarged share capital, Reuters reported the same day, citing the Swiss bank.

The terms

The warrants were allotted to UBS on a preferential basis on 21 July 2025. UBS paid 25% of the exercise price at the time and has now paid the remaining 75%, roughly Rs 1,583.85 crore, according to the filing as reported by Business Today. Total consideration for the shares comes to about Rs 2,111.80 crore. At the rate Reuters quoted that day (Rs 94.7075 to the dollar), that is a little over $220 million; the conversion is our own.

The allotment lifts 360 ONE’s issued share capital from 407,914,200 shares to 428,417,139. The stock rose about 1% on the news, touching Rs 1,045.45 against a previous close of Rs 1,033.

Where the stake comes from

The equity is the last piece of a partnership the two firms announced in April 2025. Under it, UBS sold its Indian onshore wealth management business to 360 ONE for about $32 million and received warrants then described as a 4.95% stake. 360 ONE completed business transfer agreements with UBS and Credit Suisse in September 2025, Reuters said. In the other direction, UBS has taken over serving 360 ONE’s clients in Singapore, subject to regulatory approvals.

Reuters framed the arrangement against a wider pattern: foreign banks in India face strong competition from domestic wealth managers and operate under regulatory constraints. 360 ONE says in its own release that it manages more than Rs 9 lakh crore and serves over 9,000 families and corporates. Those figures are the company’s and have not been independently verified.

What it means for family offices

For Indian families, and for offices that serve Indian principals from London, Geneva or Singapore, the division of labour is now fixed in equity. A domestic firm holds the onshore relationship, and a global bank books the offshore assets in Singapore and keeps a financial interest in the onshore partner. Families split across the two should ask how client information and referrals pass between the firms, and who carries advisory responsibility at each end. Advisers elsewhere may see the model again: a global bank leaving an onshore market it finds hard to run alone, without losing touch with the clients it served there.

Sources: Reuters via AOL, 22 October 2026; Business Today, 22 October 2026.