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Money News

MStanley eyes managing Indian super-rich - report

A man walks into the Morgan Stanley building in New York in this April 29, 2009 file photo. REUTERS/Brendan McDermid/Files

MUMBAI (Reuters) - Morgan Stanley is set to launch wealth management services for the super-rich in India -- for people with an investable surplus of at least $1 billion, the Business Standard reported on Wednesday.

“Very few firms in India provide a wide variety of services and options. We wanted to fill that gap...” the newspaper quoted Himanshu Bhagat, executive director at Morgan Stanley Private Wealth Management India, as saying.

India is the world’s second fastest growing major economy and the number of billionaires is expected to go up, he told the paper.

Morgan Stanley will launch the service on Sept. 16 and expects only a dozen members initially. India will be the fifth country where it offers the service, the paper said.

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