Non resident Indians and high net worth individuals would be the focus of Morgan Stanley’s expansion program for India. The Wall Street bank is planning to recruit 100 private bankers to manage assets worth USD1 billion by 2010.
Morgan Stanley’s competitors, Citigroup and Merrill Lynch have also chalked out plans for the Indian asset management market.
The number of millionaires in India increased to 100,000 in 2006, an increase
of 21% over 2005, according to a report by Merrill Lynch and Capgemini.
Merrill will expand its network from 5 to 10 Indian cities by 2007/2011,
while Citigroup’s would double up its network from 100 to 200 branches for NRI investors and HNIs by 2008-end.
Wealthy individuals holding assets worth USD 5 billion would be Morgan
Stanley’s primary focus, constituting 40% of the 100,000 millionaires in India.
The company’s target audience falls in USD 25 million bracket internationally. Mumbai, Delhi, Kolkata and perhaps Bangalore would be selected for the 1st phase of operations, and would expand to four more locations by 2010.
