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 will also be headed by Ahuja, supported by a team of associates and customer service professionals.
The team is expected to grow further over the next 12 months, Morgan Stanley said.
Morgan Stanley head of PWM sales in India Himanshu Bhagat said they 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.
"With its established family businesses and emerging entrepreneurs, we believe Chennai represents an important and growing market for our wealth management advice and services," Bhagat added.
Building on the firm’s established presence in India, Morgan Stanley launched its domestic Private Wealth Management platform in 2008.
The business provides wealthy individuals and families across India with 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.