360 ONE WAM Ltd., India's largest independent wealth manager, aims to increase its share in managing the wealth of the country's wealthiest families in the coming years amid growing demand for asset management services in this segment.
According to co-founder Yatin Shah, the company currently holds nearly 10 percent of the ultra-high net worth market and plans to raise this share to 12 or 13 percent. The growth of private capital is stimulated by an increase in the number of companies from smaller towns listing on stock exchanges, as well as the inflow of private equity into industrial clusters and family businesses.
According to Deloitte India data, the volume of assets in the country's wealth management industry is projected to more than double, reaching $2.3 trillion between 2024 and 2029. Yatin Shah noted that there are about 40,000 to 45,000 families in India whose financial status exceeds 50 crore rupees ($5.2 million). 360 ONE intends to attract approximately a quarter of these families as clients over the next four to five years.
Competition among managers is growing as assets increase, forcing firms to aggressively hire staff and offer higher compensation to attract and retain talent. Among the expanding firms are the private bank of billionaire Uday Kotak and Axis Bank Ltd., as well as global companies such as HSBC Holdings Plc.
Although metropolitan areas, including Mumbai and New Delhi, remain the main business centers, according to the 2026 Wealth Creators list published by 360 ONE and Crisil Intelligence, a significant portion of newly wealthy citizens is concentrated in smaller cities such as Ahmedabad, Surat, Jaipur, and Kochi.
As of June, 360 ONE managed assets totaling nearly 6.8 trillion rupees, which is 18.4 percent more than the previous year. The company's asset management division exceeded the 1 trillion rupee mark, as presented to investors. The firm serves over 8,900 families and corporate groups, including more than 4,000 families with assets exceeding 10 crore rupees.
Shah, who is also the CEO of 360 Wealth, emphasized that the company's core focus areas remain client retention, new client acquisition, and improving the productivity of client relationship managers.
Last year, UBS Group AG sold its Indian subsidiary 360 ONE in exchange for an option to purchase a minority stake in the local firm and a partnership to promote the Swiss lender's business in India.
