Morgan Stanley Private Wealth Management (PWM)
has opened an office in Chennai, its second in Southern India and
fifth across India.
The new branch will provide advisory services,
products and services to high net worth individuals normally
reserved for institutional clients. It will be led by Vinay Ahuja,
market director for the Southern region.
“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,” said
Himanshu Bhagat, Morgan Stanley’s head of PWM Sales in India.
India is acknowledged as one of the fastest
growing wealth markets in the world.
Morgan Stanley launched its domestic Indian
PWM platform in 2008. With the addition of Chennai, it now has
offices in Mumbai, New Delhi, Kolkata and Bengalaru.
Sarasin signals commitment to German
Meanwhile, Bank Sarasin is to open its fourth
branch in Germany in June 2011.
Eric Sarasin, chairman of the supervisory
board of Bank Sarasin and head of private banking, said the opening
of its Cologne office highlighted the Swiss bank’s commitment to
steady growth in Germany.
“Germany – along with Switzerland – is the
most important private banking market for the Sarasin Group. We are
proud of what we have already achieved here in the past few years
and are keen to continue this growth course in the next two years,”