As a part of its expansion strategy, India-based L&T Finance is negotiating to buy the Indian wealth management business of Morgan Stanley.
The deal is likely to be finalized within a month, reported a source close to the deal.
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Meanwhile, it is not clear how much L&T Finance would pay to buy the business and whether it would absorb Morgan’s staff after the acquisition.
Operating its Indian wealth management business since 2008, Morgan Stanley manages approximately $1bn of assets, the company said.
L & T Finance: Increasing business base in India
In a bid to boost its penetration in the country, L&T Finance aquired Fidelity’s mutual fund (MF) in March 2012, as well as FamilyCredit.
Ved Prakash Chaturvedi, who joined L&T Finance in 2012 from Tata Mutual Fund, is said to be in charge of the company’s venture into the wealth management business.
Morgan Stanley employs 400 people across capital markets and had set up the wealth management unit five years ago.
