Morgan Stanley will be launching an India-based super-rich club that is exclusive only to those who have at least $1 million in investible surplus on 16 September.

The new club, aptly called the Private Investment Club, will likely start with around a dozen members, all of whom are to enjoy preferred access to top Morgan Stanley deals as either co-investors or limited partners. These are in addition to having separately-managed and customised accounts and a multi-asset class portfolio of investment opportunities, among other exclusive offers.

"Very few firms in India provide a wide variety of services and options," said Himanshu Bhagat, executive director of Morgan Stanely Private Wealth Management in India. "We wanted to fill that gap. Indians become sophisticated investors and they understand the importance of such a club as a value proposition," he adds.

Morgan Stanley currently has around 500 clients in India and is targeting assets worth $5-10 billion over the next five years. A recent survey by Forbes reveals that India is second to China in terms of billionaire numbers in Asia.