Shocking Exit: Vikram Malhotra & 10 Top Bankers Quit 360 ONE – Major Shake-Up in $66B Wealth Giant
Vikram Malhotra, co-founder and CEO of 360 ONE Global, has resigned from the Indian wealth management firm along with a team of 10 key professionals. The exits include five senior private bankers and several investment counsellors from the firm’s Singapore and Dubai offices. Malhotra, who joined in 2023, was instrumental in expanding 360 ONE’s global reach, targeting non-resident Indians, family offices, and clients in Asia and the Middle East. His sudden departure has raised questions about the firm’s international strategy. The move comes amid reported talks between 360 ONE and UBS, with speculation that the Swiss bank may acquire a 26% stake in the company.
The potential partnership aims to bolster UBS’s presence in India following its takeover of Credit Suisse’s local business. However, the uncertainty surrounding the firm’s direction has reportedly led to internal instability and further resignations. 360 ONE, formerly IIFL Wealth, currently manages over $66 billion in assets and is backed by Bain Capital.
Shocking Exit: Vikram Malhotra & 10 Top Bankers Quit 360 ONE – Major Shake-Up in $66B Wealth Giant
Vikram Malhotra, a prominent leader overseeing international operations at Indian wealth management firm 360 ONE, has resigned from his position, marking a significant shift for the company. Malhotra, who joined the firm in September 2023 to spearhead its global expansion, stepped down alongside a team of ten professionals. This group included five private bankers, investment advisors, and assistant relationship managers based in Singapore and Dubai—key financial hubs for the firm’s overseas operations.
Malhotra’s Impact and Departure
During his tenure, Malhotra played a pivotal role in growing 360 ONE’s international client base, focusing on non-resident Indians (NRIs), clients across Asia and the Middle East, and influential family offices. His efforts were central to establishing the firm’s footprint in global markets, leveraging his expertise to attract high-net-worth individuals and institutions. However, neither Malhotra nor his team have disclosed their next career moves, leaving industry observers curious about their future ventures.
Timing Amid Strategic Shifts
The resignations come at a critical juncture for 360 ONE, which is currently in advanced discussions with Swiss banking giant UBS regarding a potential strategic partnership. Sources close to the matter reveal that UBS is considering acquiring a 26% stake in the Indian firm. This move aligns with UBS’s broader strategy to strengthen its presence in India, particularly after integrating Credit Suisse’s local operations following its acquisition last year.
The prospect of this collaboration, however, has introduced uncertainty within 360 ONE’s workforce. Employees, especially those in leadership roles, are reportedly reevaluating their positions amid concerns about potential restructuring or shifts in the company’s strategic direction post-partnership. The departure of Malhotra and his team underscores the challenges firms face during major transitions, where talent retention becomes as crucial as securing external alliances.
360 ONE’s Market Position and UBS’s Ambitions
Formerly known as IIFL Wealth, the company rebranded to 360 ONE in 2022, reflecting its evolution into a comprehensive wealth and asset management platform. With over $66 billion in assets under management, it caters to a vast clientele of high-net-worth and ultra-high-net-worth individuals, solidifying its position as a major player in India’s wealth management sector. Backed by global investment firm Bain Capital and headquartered in Mumbai, 360 ONE has consistently emphasized innovation and client-centric solutions.
If the UBS deal materializes, it could unlock synergies for both entities. UBS, with its extensive global network—particularly among NRIs in financial hubs like Singapore, Hong Kong, and Dubai—could provide 360 ONE with deeper access to international markets. Conversely, UBS would gain a stronger foothold in India’s rapidly growing wealth management space, complementing its recent expansion efforts post-Credit Suisse integration.
Challenges and Opportunities Ahead
The resignation of a senior leader like Malhotra, along with his team, raises questions about 360 ONE’s short-term stability. Losing key personnel responsible for international growth could temporarily slow momentum, especially as the firm navigates partnership talks. However, the potential UBS alliance offers long-term opportunities, including shared expertise, technology, and client networks.
For UBS, the stake in 360 ONE represents a strategic bet on India’s economic rise and the increasing wealth of its population. The collaboration could enhance UBS’s ability to serve Indian clients both domestically and abroad while tapping into 360 ONE’s localized market knowledge.
Industry Reactions and Future Outlook
The wealth management sector is closely watching these developments. Analysts suggest that partnerships between global banks and local firms are becoming essential for navigating regulatory landscapes and cultural nuances in emerging markets. For 360 ONE, balancing internal transitions with external negotiations will be key to maintaining client trust and operational continuity.
As the situation unfolds, stakeholders are keen to see whether 360 ONE will prioritize integrating UBS’s resources or focus on rebuilding its international team. The firm’s ability to manage this transition smoothly could set a precedent for similar cross-border collaborations in the future.
In conclusion, while Vikram Malhotra’s exit marks the end of an era for 360 ONE’s global ambitions, the potential UBS partnership opens a new chapter. The coming months will reveal how the firm navigates these changes, balancing talent retention, client expectations, and strategic growth in a competitive industry.