Headquartered in the central business district of Mumbai in Lower Parel, Morgan Stanley’s Indian private wealth business also has offices in New Delhi, Kolkata and Bengalaru.

The firms says that new business has been set up in India to meet the needs of wealthy individuals and their families, with a focus on building, managing and preserving wealth.

Rapid growth in the population of Indian high net worth individuals is encouraging a raft of western firms to set up wealth management operations in the country.

Owen Thomas, chief executive of Morgan Stanley Asia, said: “ India is one of the fastest growing markets in Asia and a country where tremendous levels of personal wealth are being created. This initiative not only enables us to offer the best platform in India to manage this growing wealth, but is also an important strategic step as we continue to expand and invest in India and build out the Morgan Stanley footprint.”

“Offering private wealth services in India has been a critical priority of the firm,” said Leslie Menkes, head of Onshore Private Wealth Management for Asia at the firm. “Our focus in India is to offer clients the benefits of our global presence, advanced thinking, tailored approach and broad range of products and services.”