Co-CEO Anirudha Taparia Leaves 360 One Amid Wealth Management Growth

Co-CEO Anirudha Taparia Leaves 360 One Amid Wealth Management Growth

Anirudha Taparia, co-CEO of Bain Capital-backed 360 One WAM Ltd., is departing the firm during a significant growth phase in India's wealth management sector. Based in New Delhi, Taparia has been instrumental in establishing 360 One as one of the country's leading wealth management firms. He is now considering opportunities to launch his own venture and has been in talks with several private equity firms interested in expanding their wealth management businesses in India, according to sources familiar with the situation.

360 One confirmed Taparia's resignation, stating that he submitted his notice last month and that a transition plan is currently in place. Taparia did not provide any comments regarding his departure.

Having spent over 12 years at IIFL Wealth & Asset Management, which was rebranded to 360 One last year, Taparia also previously worked at Citigroup for a decade, according to his LinkedIn profile.

India's wealth landscape is experiencing substantial growth, with the number of individuals possessing over $30 million in assets expected to increase by 50% between 2023 and 2028, as reported by Knight Frank. This surge has prompted banks and independent wealth managers to enhance their teams and service offerings to capture a share of this growing market. Additionally, private equity firms are actively seeking investments in this sector, as seen with Blackstone's acquisition of a majority stake in ASK Investment Managers and Bain's investment in 360 One in 2022.

360 One currently employs over 1,100 staff across 28 offices and manages approximately 5.21 trillion rupees ($62 billion) in assets. The company's shares have risen by more than 56% this year, with results expected to be announced today.