360 ONE eyes bigger share of India’s ultra-rich
360 ONE WAM Ltd. is aiming to capture a bigger market share of managing the wealth of India’s richest families over the next few years
360 ONE WAM Ltd. is aiming to capture a bigger market share of managing the wealth of India’s richest families over the next few years as demand for asset management services in this segment soars.India’s largest independent wealth manager holds almost 10% of the ultra-high-net-worth market, and is looking to increase that to 12% or 13%, Co-Founder Yatin Shah said in an interview.The rise in private wealth is being fueled by an increasing number of companies from smaller cities listing on stock exchanges, while private equity money is flowing into industrial clusters and family-owned businesses. Assets under the country’s wealth management industry are estimated to more than double to $2.3 trillion between 2024 and 2029, according to Deloitte India.Also Read: India's crorepati list is growing but the problem is who will manage their moneyIndia has around 40,000 to 45,000 families with financial wealth exceeding 500 million rupees ($5.2 million), Shah said.
360 ONE would like to count about a quarter of these families as clients within the next four to five years, he added.As wealth assets grow, competition is heating up among managers, leading them to hire aggressively and offer higher pay to attract and retain talent. Firms including billionaire Uday Kotak’s private bank and Axis Bank Ltd. are expanding, as are global firms such as HSBC Holdings Plc.Though mega cities like Mumbai and New Delhi remain the dominant business hubs, a growing share of the country’s newly wealthy are in smaller cities such as Ahmedabad, Surat, Jaipur and Kochi, according to the 2026 Wealth Creators List published by 360 ONE and CRISIL Intelligence last week.132817189360 ONE managed nearly 6.8 trillion rupees of wealth assets as of June, up by 18.4% from a year earlier.
Its asset management division crossed 1 trillion rupees, according to an investor presentation. The firm says it caters to more than 8,900 families and corporate groups, including more than 4,000 families with assets exceeding 100 million rupees.“Our core focus areas remain client retention, net new client addition, and relationship manager
productivity,” Shah, who is also the chief executive officer of 360 Wealth said.UBS Group AG sold its Indian wealth unit to 360 ONE last year in return for an option to buy a minority stake in the domestic firm and a partnership to boost the Swiss lender’s business in India.
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