Morgan Stanley (NYSE:MS) today announced the opening of a Private Wealth Management (PWM) branch in Chennai, its second location in South India. The new office, which will facilitate how the Firm provides advisory services to high net worth individuals (HNIs) in one of the country’s wealthiest metros, builds out Morgan Stanley’s network of wealth management branches across India.
Himanshu Bhagat, Morgan Stanley’s Head of PWM Sales in India, said, “We believe that India’s wealth management industry is at the threshold of the next phase of growth where product innovation and tailored services will be the critical differentiators to meet the growing needs of clients.” Mr. Bhagat added, “With its established family businesses and emerging entrepreneurs, we believe Chennai represents an important and growing market for our wealth management advice and services.”
Previously, the Firm’s PWM business in Chennai has been managed from Bangalore, headed by Vinay Ahuja, Market Director for the Southern region, who joined Morgan Stanley in January this year. The Chennai branch, which is officially launched today, will be headed by Mr. Ahuja, supported by a team of associates and customer service professionals. The team is expected to grow further over the next 12 months.
Commenting on the branch opening, Mr. Ahuja said, “Strengthening our branch network to Chennai allows us to leverage our best-in-class offering to a wider audience, build greater scale and provide clients with high quality advisory services closer to home.” Mr. Ahuja added, “Our expansion is a reflection of Morgan Stanley’s long term commitment to our existing and prospective customers in this high growth market.”
Building on the Firm’s established presence in India and global leadership in wealth management, Morgan Stanley launched its domestic Private Wealth Management platform in 2008. The business provides wealthy individuals and families across India with world-class investment products and services, as well as access to the Firm’s global resources normally reserved for institutional clients. Headquartered in Mumbai, India PWM has offices in New Delhi, Kolkata, Bengalaru and Chennai.
Morgan Stanley Smith Barney, a global leader in wealth management, provides access to a wide range of products and services to individuals, businesses and institutions, including brokerage and investment advisory services, financial and wealth planning, credit and lending, cash management, annuities and insurance, retirement and trust services.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,200 offices in 42 countries. For further information about Morgan Stanley, please visit www.morganstanley.com.
Aman Hashmat,(91) 9870488005
Arundathi Abyshekar, (91) 9987176964