UBS to sell Indian onshore wealth business, take 5% stake in partner

This deal will see UBS relinquish equity control in its India onshore wealth business while taking up offshore wealth business of its local partner. — Reuters

HONG KONG: UBS will sell its Indian onshore wealth business to asset manager 360 ONE WAM in a deal valued at 3.07 billion rupees (US$36mil), while taking a nearly 5% stake in the Mumbai-based company.

360 ONE will buy UBS’ local stock brokering and distribution business, discretionary and non-discretionary portfolio management services business, and residual loan portfolio, the Indian company said in a statement yesterday.