Merger and Acquisition

360 ONE WAM Acquires ET MONEY to Bolster Wealth Management Services

• ByStartupStory     |    June 13, 2024

360 ONE WAM, a premier wealth manager for ultra-high-net-worth individuals, announced today that it has entered into a definitive agreement to acquire ET MONEY, a prominent digital platform focused on wealth management. The acquisition, designed to enhance client segment coverage and solidify 360 ONE WAM’s position as India’s leading wealth management firm, will be conducted through a combination of a stock swap deal and part cash, subject to regulatory approvals.

Formerly known as IIFL Wealth Management, 360 ONE WAM has established itself as a leading provider of financial services in wealth and asset management. With this strategic acquisition, the firm aims to create significant synergies by leveraging the combined product offerings, domain expertise, portfolio advisory solutions, brokerage services, and credit solutions of both companies.

“This strategic move is expected to expedite monetization for ET MONEY across its user base and product portfolio,” 360 ONE WAM stated in its official announcement to the stock exchanges. The acquisition will allow 360 ONE WAM to acquire 100 percent of ET MONEY, further enhancing its comprehensive suite of services.

ET MONEY, a SEBI-registered investment advisor, is recognized as a non-brokerage digital platform for wealth management. The platform boasts over 900,000 transacting clients and more than 100,000 revenue-generating users, managing an overall assets under management (AUM) of approximately Rs 70,000 crore. This includes Rs 28,000 crore invested through its platform, with over Rs 25,000 crore in mutual funds. ET MONEY’s impressive performance includes gross monthly sales exceeding Rs 1,200 crore, monthly SIPs amounting to Rs 450 crore, and mutual fund net flows of nearly Rs 750 crore. Its advisory service, ET MONEY Genius, serves over 76,000 active paying clients with an AUM of Rs 1,200 crore.

360 ONE WAM has recently expanded its services to include offerings for high-net-worth individuals (HNI) and global clients, complementing its core ultra-high-net-worth individual (UHNI) wealth business. The firm manages assets worth approximately INR 4,67,000 crore ($56.3 billion) for over 7,200 families in the HNI and UHNI segments.

The acquisition of ET MONEY aligns with 360 ONE WAM’s ongoing strategy to broaden its market reach and strengthen its position as a leading player in the wealth management industry.

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