360 ONE WAM to acquire ET MONEY in strategic move to strengthen wealth management services

360 ONE WAM offering solutions in the fields of wealth and asset management, said the acquisition aims to enhance its client segment coverage and reinforce its position as the country's premier wealth management firm. (Representative Image)

360 ONE WAM, a wealth manager for ultra-high-net-worth individuals, announced to the stock exchanges on June 12 that it has entered into a definitive agreement to acquire ET MONEY, a digital platform focused on wealth management.

360 ONE, formerly known as IIFL Wealth Management, a provider of financial services in wealth and asset management, said the acquisition aims to enhance its client segment coverage and reinforce its position as the country's premier wealth management firm.

In its statement to stock exchanges, 360 ONE WAM also revealed that the acquisition, subject to regulatory approvals, will involve a stock swap deal and part cash, allowing the company to acquire 100 percent of ET MONEY.

360 ONE WAM also stated that the acquisition is poised to create significant synergies between 360 ONE and ET MONEY, leveraging their combined product offerings, domain expertise, portfolio advisory solutions, brokerage services, and credit solutions. This strategic move is expected to expedite monetization for ET MONEY across its user base and product portfolio, it said.

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

360 ONE WAM has recently expanded its services to include HNI and global offerings, 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.