Mumbai-based wealth manager 360 One Wam saw assets under management (AUM) rise 33.5% year-on-year to 521,208 crores (US$62.25 billion) as of June 2024, as strong capital inflows into India, one of the world’s fastest-growing major economies, continued to support wealth creation.
For the three months to June, profit after tax rose 34.2% to 243 crores (US$29 million), the highest-ever for the company, as revenue surged 60.6% to 697 crores, driven by strong growth in AUM (annual recurring revenue) and higher transactional/brokerage income.
The company’s wealth division onboarded over 150 clients with more than 10 crores in ARR AUM during the period. Overall, the segment manages assets for over 7,400 clients.
“The Union Budget's emphasis on economic growth and fiscal stability reflects a solid foundation of growth for India, which will provide increased opportunities for our clients,” says Karan Bhagat, 360 One founder, managing director and chief executive officer.
“With regulatory changes for various asset classes and potential for further value creation, wealth managers will play an important role in guiding clients towards a more balanced and prudent asset allocation strategy, ensuring long-term success.”
Commenting on the strong first-quarter earnings, Bhagat says: “Our focus on consolidation has laid a strong base for future growth and strengthened our position as one of the leading players in India. We continue to be an employer of choice, attracting senior private bankers and seasoned investment professionals. As we embrace new challenges and opportunities, we remain committed to accelerated growth and continuous improvement across all segments in the coming quarters.”
Meanwhile, the company appointed Akhil Gupta, independent director, as chairperson of the board, effective August 25. He takes over from Nilesh Vikamsey, who will complete the second consecutive term of his position as independent director on August 24 and cease to be chairperson and board member from August 25.
Gupta is a chartered accountant with over four decades of experience in the telecommunications sector, fundraising, and mergers and acquisitions. He is currently the vice-chairman and full-time director of Bharti Enterprises, having played a pivotal role in the phenomenal growth of the group since its inception.
Of Gupta's appointment, Bhagat says: “Akhil’s direction and leadership towards achieving 360 One's strategic goals and objectives will further strengthen our position as the leaders in the wealth and asset management space in India. His deep knowledge and expertise in different sectors and business segments will drive our growth and enhance our ability to deliver exceptional value to investors."
Bhagat also thanks Vikamsey, saying his "impressive leadership has guided the board with remarkable vision and wisdom over the years”.
