360 ONE WAM shares rise over 2% after appointing Jefferies India Head and MD as new CEO
Agarwal joins 360 ONE from Jefferies, where he has served as Managing Director and Country Head since April 2020 and has grown the India franchise over the past six years. Before joining Jefferies, Agarwal spent 13 years at CLSA, where he was later Executive Director and Head of Research. He began his career at Merrill Lynch, where he worked from 2004 to 2007. Agarwal is a Chartered Accountant and a postgraduate of SPJIMR, Mumbai.
“I am delighted to be joining 360 ONE. Karan and Yatin have built an exceptional franchise over 18 years, and I look forward to working closely with them to build an Indian financial institution of enduring scale and global standing,” Agarwal said.
“India’s wealth creation story is still early, and as clients and family offices grow more sophisticated, their needs increasingly span investing, capital raising and strategic advice. Bringing Wealth Management, Asset Management and Capital Markets together allows us to serve those needs end to end, as one Group,” he added.
Further, Karan Bhagat, currently Managing Director and CEO, will become Vice Chairman while continuing as Managing Director of the Group. In his new role, Bhagat will drive group strategy, capital allocation and key client and institutional relationships. Yatin Shah, Co-Founder of 360 ONE, will continue to lead the company’s wealth management business, which has been a focus of the firm for the past decade.
The new leadership structure is aimed at building across 360 ONE’s three verticals: Wealth Management, Asset Management and Capital Markets. The company said the structure is designed to bring its full ecosystem to clients, with the Group’s combined capabilities working together for families and institutions through a single platform.
360 ONE said the structure also positions it to build for the scale it expects India’s next phase of growth to require. The company said that as the Indian economy progresses towards a USD 5 trillion economy and, over time, a USD 15 trillion economy, the growth will require large and sophisticated domestic financial institutions. 360 ONE said it intends to lead this shift as an Indian institution serving the country’s sophisticated capital allocators.Commenting on the appointment, Bhagat said the new structure would allow each of the three businesses to operate with sharper focus while remaining one Group. He said the company had built 360 ONE into a trusted partner for India’s wealth creators over the past 18 years and described Agarwal as bringing financial services depth and an owner’s mindset to building businesses.
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