“Over the next 10 years, we would want 360 ONE to become the wealth manager and alternative asset manager of choice,” Bhagat said. “We hope to touch larger parts of India.”

The original article by Chanyaporn Chanjaroen, Advait Palepu, Preeti Singh was published on Bloomberg: (https://www.bloomberg.com/news/features/2025-07-02/inside-360-one-how-karan-bhagat-turned-wealth-management-into-fortune-in-india) on June 3rd, 2025.

All Photographs by Atul Loke / Bloomberg

Edited Extracts from the Interview
When Karan Bhagat was 25-years-old, he used to drive through New Delhi’s priciest neighbourhoods, cold-calling on mansions in the hopes of finding his first super-rich client.

More than two decades later, Bhagat leads one of India’s largest wealth managers. His 360 ONE WAM Ltd., 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%.



In an interview, Nirmal Jain said he was immediately impressed with Bhagat and his team’s “understanding of the market, their energy and entrepreneurial streak. His biggest strength was attracting good people.”

Many of Bhagat’s clients have stayed loyal for years, including Vineet Nayyar, an ultra-rich tech executive. “It’s been a very strong relationship,” said Nayyar’s son Nishant, a managing director at H.I.G. Capital in London, who oversees the family’s investments and remains a client of 360 ONE after Vineet passed away in 2024.



“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.”

360 ONE has a lead over much of the competition, overseeing more than double the assets of the biggest foreign player in India.

In 2008, Bhagat struck out on his own and founded the firm along with Yatin Shah.



Over the years, global banks have struggled to compete against domestic brands, which are often more nimble on compliance and taxation issues and tend to better understand the preferences of Indian consumers. These days, foreign banks are reassessing their South Asia strategy, in part by leaning on local support from minds like Bhagat.

At stake is a slice of one of the world’s fastest-growing wealth markets. In India, assets under management at firms like 360 ONE are expected to double to $2.3 trillion between 2023 and 2029, according to a Deloitte report.



“Over the next 10 years, we would want 360 ONE to become the wealth manager and alternative asset manager of choice,” Bhagat said. “We hope to touch larger parts of India.”