At 360 One Wealth and Asset Management, the departures are adding up.

Over the past year, some of its most senior rainmakers—the people who helped build the wealth-management firm into an industry darling with a Rs 42,000 crore market cap—have walked out the door. Vikram Malhotra, who led its international business, left in April. In May, it was Shajikumar Devakar, the face of its southern operations. And before them, co-CEO Anirudh Taparia had already quit to launch his own rival firm.

So far, so replaceable—except they didn’t leave alone. “North of 100 employees” may have followed them, according to one industry executive. What’s followed, more broadly, is an unmistakable loosening of ties. Between 360 One and some of its earliest backers, its institutional shareholders, and even its founders.

Promoters and insiders have been offloading stock with growing urgency. In July alone, shares worth Rs 483 croreMoneycontrol360 ONE WAM promoters, employees cash in on post-UBS deal rally, sell shares worth Rs 483 crore changed hands. As of June 2025, the promoter stake had fallen to 6.3%, from 14.8% a year earlier. Nirmal Jain and family, who held close to 10% two years ago, are now down to 4%. Founders Karan Bhagat and Yatin Shah, too, have shaved off a bit—from 8.6% in FY23 to 6%.

Promoters, including Bhagat and Shah, have sold less than 10% of their shareholding since the start of FY26, the company spokesperson told The Ken.

Even Bain Capital, still the firm’s largest shareholder, has been easing out. It most recently sold around 4%The Economic TimesBain Capital sells 3.7% stake in 360 ONE WAM for Rs 1,741 crore through an open-market deal in July, trimmingBSE website its overall stake from 25% in 2022 to 18%. Moves like that are expected from private equity—but that doesn’t mean they are comforting. They’ve only added to the sense of drift.

And yet, on paper, everything still looks sort of perfect.