Karan Bhagat
Photographer: Atul Loke/BloombergPrivate Bankers Ride India’s Wealth Boom to $600 Million Fortune
Karan Bhagat, who heads one of the country’s largest wealth management firms, is on the cusp of a major deal with UBS to expand his business.
When Karan Bhagat was a 25-year-old broker, he used to drive through New Delhi’s priciest neighborhoods, 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.