360 ONE WAM is India’s largest homegrown wealth and alternatives manager, built over 18 years to serve the country’s richest families and institutions. It was carved out of IIFL Finance in 2019 as a pure-play wealth firm and has since assembled a full-stack platform - advisory, products, lending, and asset management - through a deliberate flywheel of acquisitions that bring in talent, capabilities, and client relationships. The recurring thread is a shift from one-time commissions to annuity-style fees, turning the business into a resilient engine that earns a steady yield on the assets it oversees, rather than just a cut on transactions. # Business segments Three engines at different stages - a wealth-management cash cow serving India’s ultra-rich, an alternatives factory that manufactures the products they buy, and a newly acquired institutional equities and banking platform - each feeding the next with capital, clients, and deal flow. ## 1. Wealth Management: the annuity engine that funds everything else **An open-architecture advisory platform that earns a recurring fee on ₹2.16 lakh crore of client assets, with lending and brokerage bolted on - the group’s distribution backbone.** - **Fee-based, not commission-led** - the firm pioneered India’s shift to advisory fees, charging clients a transparent annual retention (around 76 basis points on the overall book) rather than relying on product-issuer commissions, so revenue is predictable and aligned with portfolio growth. - **Senior bankers as the moat** - roughly 95 senior partners, each with an average tenure of over eight years, act as trusted advisors to about 3,000 families with more than ₹10 crore in assets; voluntary attrition is just over 5%, which keeps client relationships sticky and referrals flowing. - **Lending locks clients in** - the in-house NBFC, 360 ONE Prime, provides loans against securities and bespoke credit to wealth clients, with a book of over ₹10,600 crore that has never taken a loss or an NPA in nearly a decade, making the wealth relationship harder to leave. - **A newer HNI feeder** - a dedicated Reserve Program with about 60 relationship managers across 12 cities manages close to ₹4,000 crore for 650-plus families in the ₹2-25 crore asset band, capturing clients before they become ultra-rich and feeding them into the main platform. - **Estate planning as the final lock** - the country’s largest trusteeship practice serves more than 650 families with succession and trust structures, ensuring wealth stays within the firm across generations. ## 2. Asset Management: the product factory that manufactures what wealth clients buy **An alternatives-heavy investment manager running ₹95,000 crore of fee-bearing assets across private equity, private credit, real assets, and public-market funds - the group’s innovation lab and margin driver.** - **Alternatives are the differentiator** - with over ₹50,000 crore in AIFs spanning pre-IPO, private credit, and real assets, the firm is a market leader in segments like private credit and runs India’s first secondaries fund, giving its wealth clients access to deals they cannot get elsewhere. - **Performance attracts institutions** - 95% of the firm’s funds rank in the top decile, and it already manages mandates for more than five global institutions, which validates the platform for domestic wealth clients and opens a new distribution channel. - **Public markets complete the shelf** - a ₹34,500 crore PMS business and a ₹13,500 crore mutual fund franchise (including a ₹6,700 crore Focused Equity Fund) mean the firm can serve both the listed and unlisted allocation needs of a family from one platform. ## 3. 360 ONE Capital: the institutional bridge, bought not built **A mid-market institutional equities and investment banking platform acquired through the purchase of B&K Securities, adding research, corporate access, and deal-making to the group.** - **Research coverage that opens doors** - the acquired franchise covers over 500 mid- and small-cap companies and serves more than 300 institutional clients, with over 90% of broking revenue coming from cash equities, giving the group a seat at the table with corporates and fund managers. - **Corporate treasuries as a new client pool** - the acquisition brings access to roughly 600-700 corporate treasuries, which the wealth and asset management engines can cross-sell into cash management, hedging, and investment services. - **Investment banking is being layered on** - with four of a planned twelve senior bankers hired, the firm is building an ECM and advisory capability on top of the research franchise, turning corporate relationships into fee events. # Group structure and partners **A publicly listed holding company with marquee institutional backing, a global strategic tie-up with UBS, and a web of subsidiaries that house each regulated activity.** - Bain Capital owns roughly 25% of the listed entity and has two board seats, while the original promoters recently reclassified themselves as public shareholders, leaving institutional investors holding 73% of the stock. - An exclusive strategic collaboration with UBS, signed in 2025, includes UBS taking a 4.95% warrant stake at a 14% premium and selling its India wealth business (₹26,000 crore of client assets) to 360 ONE’s subsidiaries for ₹307 crore in cash, instantly adding scale and a cross-border referral pipeline. - The group operates through a clean subsidiary structure: 360 ONE Prime holds the NBFC licence, 360 ONE Asset Management and 360 ONE Alternates Asset Management run the fund platforms, and international entities in Singapore, Dubai, GIFT City, and Mauritius support global distribution and NRI wealth.