Private bankers ride India's wealth boom to $600-million fortune

WHEN KARAN BHAGAT was a 25-year-old broker, he used to drive through New Delhi's priciest neighborhoods, cold-calling on mansions in the hopes of finding his first super-rich client.

- CHANYAPORN CHANJAROEN, ADVAIT PALEPU & PREETI SINGH

More than two decades later, Bhagat leads one of India's largest wealth managers. His 360 One WAM, which oversees $68 billion in assets, is close to clinching a deal to take over the local operations of UBS Group AG. In return, the Swiss bank plans to acquire nearly 5% of Bhagat's firm, a sliver worth around $250 million.

The UBS collaboration, announced in April, is a focal point in several years of impressive growth. Since listing in 2019, shares of 360 One have surged over 250%, valuing the stake held by Bhagat, 48, and two other co-founders at more than $600 million, according to the Bloomberg Billionaires Index, which reviewed their holdings for the first time.

Firms like 360 One have found a lucrative opening. Bhagat's rise underscores how a handful of private bankers are leveraging a domestic wealth boom to become as rich as their clients. More than 200 employees at 360 One have become dollar millionaires when factoring in stock options, according to the company.

"I see a lot of opportunity," Bhagat said in an interview with Bloomberg, adding that the next decade is crucial for developing the wealth market in India. "Our battle's going to be won or lost in execution."

Challenges still exist for 360 One. An expanding list of rivals means the company's growth could slow. And the firm has also struggled to stem an exodus of senior bankers in recent years.