Morgan Stanley Trust Co. has opened a branch in Bombay that will provide custody and clearing services to institutional investors in India.
The growth of India's institutional investment community in recent years has created extensive demand for custodial services that meet international standards. Existing foreign custodians have had a tough time meeting this demand due to capacity constraints, according to Morgan Stanley Trust.
As a U.S. bank branch, Morgan Stanley Trust's Bombay office will qualify as an "eligible foreign custodian." Morgan Stanley has about $1.8 billion of Indian assets in custody through its local agents, including the Stock Holding Company of India.
The new branch will enable Morgan Stanley to consolidate all of these assets under one umbrella, and will create additional capacity for new assets.
The branch office is headed by Pradip Darooka, a vice president, who has responsibility for overseeing's Morgan Stanley Trust's custody business in India.
Based in New York, Morgan Stanley Trust is wholly owned by the Morgan Stanley Group and is a vehicle through which the investment banking firm provides its international clients with securities services, including brokerage, securities lending, and clearing.