Morgan Stanley has opened a private wealth management branch in Chennai, its second location in South India, according to FinanceAsia.

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, which is officially launched today, will 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.

“We 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,” said Himanshu Bhagat, Morgan Stanley’s head of PWM Sales in India.

Headquartered in Mumbai, India PWM has offices in New Delhi, Kolkata, Bengalaru and Chennai.