Morgan Stanley launches private wealth management serviceSeptember 15th, 2008 - 10:31 pm ICT by IANS
Mumbai, Sep 15 (IANS) Targeting the growing number of high net worth individuals in India, global financial services firm Morgan Stanley Monday launched its private wealth management services in four cities.Morgan Stanley’s private wealth management services would mainly target individuals planning investment of more than $5 million.
The company would offer its wealth management services from Mumbai, Kolkata, New Delhi and Bangalore in the initial phase, but will expand the reach later to more centres - Chennai, Chandigarh, Jaipur, Ahmedabad, Pune and Hyderabad.
“The growing income levels in this market offer huge opportunities for wealth managers. We expect to attain an asset base of $5 billion in the medium term and $10 billion over the next few years,” Morgan Stanley India Capital Services executive director Himanshu Jain told reporters here.
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