MUMBAINEW DELHI, Sept 27 Reuters UBS is in talks to form an Indian wealth management joint venture with Mumbaibased 360 One WAM, two sources with direct knowledge of the matter told Reuters.

The joint venture would help the Swiss bank to expand its Indian wealth business to 39;high net worth individuals39; from its existing focus on 39;ultra high net worth individuals39;, they said.

India39;s wealth management sector is being driven by rapid economic growth and a domestic market rally. It was worth 429.1 billion in 2023 and is forecast to grow at a compound annual rate of 4.6 between 2025 and 2029, TechSci Research said.

Globally, UBS had 4 trillion worth of invested assets at the end of June, while 360 One, previously known as IIFL Wealth Management, has 5.21 trillion rupees 62.28 billion.

UBS declined to comment, while 360 One said it did not comment on speculation.

UBS has held preliminary talks with 360 One and plans to hold a stake of up to 26 in the venture, with a deal expected in the next few months, said the sources, who declined to be named as they were not authorised to talk to the media.

While Switzerland39;s biggest bank has been exploring the possibility of setting up a wealth joint venture in India and would be open to owning a majority stake, no decision had been taken about a partner, another source said.

The bank39;s Indian presence has been bolstered by the integration of the local operations of Credit Suisse, which it last year in a Swiss…