Morgan Stanley is set to launch wealth management services for the super-rich in India, Reuters reports.
It’s going to be India’s most exclusive super-rich club, with membership restricted to those with a minimum investible surplus of $1 billion.
Why India? India is the world’s second fastest growing economy and according it has the second largest number of billionaires in Asia after China.
Members of the club will get preferred access to deals that Morgan Stanley will be doing.
They will also get to co-invest with Morgan Stanley in deals as well as participate as limited partners in its global funds.
These investors will get customised and separately-managed accounts from Morgan Stanley, apart from getting a multi-asset class portfolio comprising equity, debt, structured notes, private equity etc.
Morgan Stanley will launch the service on Sept. 16 and expects only a dozen members initially.
India will be the fifth country after the US, UK, Hong Kong and Singapore to boast this prestigious wealth management service.
Via Reuters.
This sounds very stupid and its just a methodology to separate a person from their money. If you have a billion to invest (BTW a billion what rupees, US $ or Euros) why ask Morgan Stanley? Why not do it yourself or start your own hedge fund?
And if you want to join a club there are plenty of clubs in India that are super exclusive and would be willing to take your money. This is just a pointless endeavor.
This would have made sense in the time of the Internet boom now it just seems very stupid.