Indian financial services firm Karvy has reorganised its advisory services to focus on the needs of high net worth individuals in India, according to the news and data service Iris.

The Hyderabad-headquartered firm has combined its private client and financial planning groups to create Karvy Private Wealth. This will focus on advising and managing the wealth of HNWs. The new offering will be available in Mumbai, Delhi, Hyderabad, Bangalore, Madras, Calcutta, Pune and Goa, the publication said.

Hrishikesh Parandekar, an expatriate Indian, has been appointed chief executive of the private wealth initiative.  Mr Parandekar has worked with McKinsey Consulting and with Morgan Stanley Private Wealth Management in their Latin American and international retail businesses.

The firm has also acquired Park Financial Advisors, a boutique financial advisory firm with operations in Mumbai and Bangalore.