360 ONE WAM to acquire ET Money as a strategic move to enhance its wealth management services: Report

It plans to acquire 100% of ET Money through a stock swap deal and part cash, pending regulatory approvals.

360 ONE WAM, specialising in managing the wealth of ultra-high-net-worth individuals, disclosed on June 12 to the stock exchanges that it has finalised a deal to purchase ET MONEY, a digital platform concentrating on wealth management, according to a report on Moneycontrol.

360 ONE WAM, previously called IIFL Wealth Management, stated that the acquisition is intended to improve its coverage of client segments and strengthen its position in India. In their statement to stock market, 360 ONE WAM also stated that the purchase, pending regulatory clearances, will include a combination of stock exchange and cash, enabling the company to take over the entire ET Money.

360 ONE WAM also mentioned that the merger will generate important synergies between 360 ONE and ET Money, utilising their combined product offerings, expertise in the field, portfolio advisory services, brokerage options, and credit solutions. It was stated that this decision will speed up the process of making money for ET Money through its customers and products.

ET Money, which is a SEBI-registered investment advisor, is known as one of the digital platforms for wealth management that is not a brokerage. The platform has over 9,00,000 clients making transactions and greater than 1,00,000 users generating revenue. It supervises total assets under management (AUM) of around Rs 70,000 crore, with Rs 28,000 crore invested via its platform, including more than Rs 25,000 crore in mutual funds.

ET Money produces total monthly sales of over Rs 1,200 crore, with monthly SIPs totalling Rs 450 crore and mutual fund net inflows of almost Rs 750 crore. ET Money Genius, the advisory service, currently serves more than 76,000 active paying customers and has assets under management worth Rs 1,200 crore.

360 ONE WAM has 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 Rs 4,67,000 crore ($56.3 billion) for over 7,200 families in the HNI and UHNI segments.