UBS Group (UBS) said Tuesday it will acquire warrants for a 4.95% stake in Indian wealth and asset management firm 360 ONE WAM.
UBS added that it will transfer its onshore wealth management business in India to 360 ONE, while the latter's clients booked in Singapore will be served by UBS Singapore, subject to approvals.
UBS also said it entered a collaboration with 360 ONE that aims to enhance wealth management offerings available to global Indian clients.
It is proposed the clients from both firms will gain access to onshore and offshore wealth management offerings, subject to regulatory requirements and approvals, UBS said.
The firm said potential collaboration on asset management products and investment banking services will also be evaluated.
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