Morgan eyes $5 bn asset-base from Indian Pvt banking biz

Global financial services firm Morgan Stanley today launched its private wealth management services in four Indian metros.     

The company has targeted to build up an asset-base of around $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.     

"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," Jain said.     

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, its Manging Director, Asia (Singapore), Leslie S Menkes said.     

"Once we reach the critical mass in terms of customers and business, we would move to other centres here," Menkes said.     

The company has employed close to 100 professionals in the country and plans to hire more people in the months ahead, Menkes said.     

Morgan Stanley's private wealth management services would mainly target high and ultra high networth Individuals having an investable surplus of a minimum $5 million, he said.