Over the past few years, 360 ONE WAM, under Karan Bhagat, has been expanding at a frenetic pace. The result? It now has a footprint across client groups, including its core ultra-high net worth individual (UHNI) segment, the organically built high net worth individual (HNI) segment, institutional clients and family offices through the B&K Securities acquisition, the mass affluent segment through ET Money, and non-resident Indians through the recent UBS AG partnership.
Becoming a full-stack player is yielding results. The wealth and asset management firm added 2.5 times the client base in the past three-four years than the preceding 12-13 years. Its brand recall among clients stayed strong, and client attrition, measured in terms of assets, remained lowt at 1.7% in FY25.
This was reflected in revenue from operations, which grew at a compound annual growth rate (CAGR) of 28% over FY21-25, while profit after tax rose 29% annually over the same period. Operational efficiency also improved, with cost-to-income falling to 45.9% in FY25, from 53.9% in FY21. Bhagat’s efforts have been recognised in the BT-PWC India’s Best CEOs in the Wealth Makers category. “For us, growth has not been cyclical. It has always been structural,” Bhagat, MD and CEO at 360 ONE WAM, tells BT.
360 ONE WAM’s growth has been anchored in a structural pivot, from product distribution, advisory, episodic revenues, to annuity-based payments. Bhagat recalls the decisive shift towards the annual recurring revenue (ARR) model in 2020 that has hugely improved the quality of earnings. He says the company moved from product distribution to offering solutions, positioning itself as a goals-based, open-architecture advisory platform.
“At the same time, we invested ahead of the curve in alternatives and built a scaled asset management franchise, strengthened our technology backbone, and institutionalised a culture of ownership through ESOPs for 100% of employees,” says Bhagat.
360 ONE works in two broad segments. The wealth management business comprises distribution of financial products, equity and debt broking, advisory, management of financial assets and estate planning, largely in the nature of advisory services. Its asset management business primarily involves managing pooled funds under various products and structures, including alternative investment funds, portfolio management services and mutual funds. Bain Capital, via its affiliate BC Asia Investments X Ltd, held a 18.17% stake in the company as of December 31, 2025.
360 ONE WAM managed total assets of Rs 7.11 lakh crore at the end of December 2025 against Rs 2.46 lakh crore in March 2021. The 2025-end figure comprised wealth management assets of Rs 6.12 lakh crore and Rs 98,949 crore under asset management.
ARR assets, the key focus, stood at Rs 3.18 lakh crore while the rest, Rs 3.93 lakh crore, were transactional and broking revenue assets. Within ARR assets, wealth accounted for Rs 2.19 lakh crore and asset management Rs 99,000 crore.
Sameer Sawant, Research Analyst at Mirae Asset Sharekhan, says the acquisition of ET Money has made 360 ONE WAM a digital powerhouse. It has boosted retail and HNI distribution while cutting acquisition costs by 30-40% through tech-led onboarding. “It’s already contributing to 30% year-on-year (YoY) growth in their distribution business,” he says.
Sawant says B&K Securities, rebranded as 360 ONE Capital, bolstered institutional broking and stabilised transactional revenues. Acquiring UBS’s onshore wealth operations for $36 million gave instant access to the global Indian diaspora with Rs 50,000-plus crore AUM potential. According to Sawant, UBS’ 5% stake enabled offshore product bundling, and together, 360 ONE Capital is eyeing 1.5 times ARR AUM growth by FY28.
India has 45,000-50,000 families with $5 million-plus net worth. The market is large enough to support three to five scaled players over time, Kotak Institutional Equities said in a recent note. One 360 WAM had 8,500-plus clients in wealth management as on December 31, 2025.
360 ONE WAM’s total ARR for FY25 stood at Rs 1,701 crore, growth of 28.2% YoY, contributing to 70% of revenues from operations of Rs 2,446 crore. This was 31% annual growth over Rs 580 crore ARR in FY21. ARR to revenues from operations stood at 73-77% and grew 40.4% YoY in the first three quarters of FY26.
Bhagat tells BT the company is aiming to maintain ARR net flows at 12–15% of opening ARR AUM annually, with yields across segments remaining stable.
As new teams mature and productivity improves, revenue generation may accelerate without a proportional increase in fixed costs, he says, adding such a scenario may allow operating leverage to progressively strengthen the cost-to-income ratios.
“The integration of recent acquisitions will unlock cost efficiencies across technology, operations and shared services. Importantly, the ARR backbone ensures revenue visibility and resilience, while rising wallet share, alternative penetration, and institutional synergies enhance margin expansion,” he says.
Sawant says 24% growth in PAT for 360 ONE WAM over FY23-FY25 was powered by robust organic flows, doubling of the UHNI client base, alternative expansion (real estate assets/PE), and a digital push via GIFT City. “Wealth may drive 22-25% AUM CAGR for the next few years via UHNI maturation and 10-12% flows. We expect consolidated PAT to grow by 20% CAGR and ROE to remain over the 20% mark in the medium term,” says Sawant.
“Acquisition of ET Money and B&K Securities and the UBS partnership are aiding growth via expanding to affluent, institutional and global clients, respectively,” says Raghvesh Sharan, Insurance & Capital Markets Research Analyst at JM Financial Institutional Securities.
Further, the B&K Securities acquisition expands research and product offerings in Indian equities and unlisted markets, while the UBS partnership unlocks global opportunities and platforms.
Bhagat’s 360 ONE WAM is known for industry-first offerings, including a pre-IPO fund in 2016-17, a secondaries fund in 2022-23, and, more recently, a space and defence fund.
These would come in handy while navigating the choppy global markets due to the West Asian crisis.
@amit_mudgil
