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Trilegal, Amarchand sell Morgan Stanley India arm to StanChart for $8m

wealth management
wealth management

Trilegal advised British multinational bank Standard Chartered in buying out US investment bank Morgan Stanley’s Indian private wealth management unit. Morgan Stanley was advised by Amarchand Mangaldas.

Trilegal partner Nishant Parikh, counsels Gautam Singh and Rahul Singh and associate Arjun Sharma acted for Standard Chartered. Mint reported that it will initially pay $8m (Rs 45 crore) for the Indian unit which has around $800m assets under management.

India is the third largest market in the world for Standard Chartered, according to the paper.

Amarchand Mangaldas Mumbai managing partner Cyril Shroff with partner Ipsita Dutta acted for Morgan Stanley which, Fox Business wrote had started the wealth management business in India in September 2008 when the stock markets were booming.

Picture credits: Marfis75

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