India based L&T Finance is negotiating with Morgan Stanley to acquire its wealth management business in India, in a bid to boost its business penetration in the country.
Sources familiar with the matter have been reported by news agencies as saying that the deal may be finalized in a month; however no definite time frame has been disclosed.
Through numerous deals including acquisition of Fidelity’s mutual fund business in March 2012 and buyout of FamilyCredit, the Indian firm is increasing its business base in the country.
Operating its Indian wealth management business since 2008, Morgan Stanley manages approximately $1bn of assets, the company said.
L&T Finance has appointed Ved Prakash Chaturvedi, who was working with Tata Mutual Fund, to oversee its wealth management business, as reported by Business Standard.
Morgan Stanley has a workforce of 400 employees in capital markets, equity and fixed-income sales and trading, research, asset management and private wealth management business.
Established in 1935, Morgan Stanley trades in 43 countries, manages 1,200 offices and provides various investment banking, securities, investment management and wealth management services.