360 ONE Group Secures CCI Approval to Acquire UBS India Units
The Competition Commission Of India (CCI) has granted approval to 360 ONE Group for acquiring key businesses from UBS AG in India. The transaction includes the portfolio management services arm of Credit Suisse Securities (India) and the stockbroking and financial product distribution businesses. All these key businesses will now be under 360 ONE Portfolio Managers Ltd and 360 ONE Distribution Services, respectively.
“The proposed combination comprises the acquisition of the portfolio management services business of Credit Suisse Securities (India) Pvt Ltd in India by 360 ONE Portfolio Managers Ltd and stock broking services and financial product distribution services of CS Securities by 360 ONE Distribution Services Ltd (360 Distribution),” confirmed the Competition Commission of India (CCI) in a press release.
This acquisition positions 360 One to broaden their offerings across the portfolio management and distribution and enhance services for the high-net-worth and ultra-high-net-worth clients in India.
Akhil Gupta, Chairman of 360 ONE WAM, expressed his confidence in the acquisition: “With this transaction, it opens the way for a global, personalised, and sophisticated wealth management experience for both sets of clients as well as significant value enhancement to our employees and shareholders.”
