Credit Suisse today said it has launched the single family office service in India, a move that will strengthen its product offering for the ultra-rich people in the country.

"The launch of the Single Family Office service is a milestone for wealth management in India. The need for managing and growing family wealth has led to an increase in the importance of a trusted family office ...," Credit Suisse India CEO Mihir Doshi said.

A single family offices serve one ultra affluent family, wherein a team of professionals, oversees the entire financial needs of the family like budgeting, insurance, charitable giving, family-owned businesses, wealth transfer and tax services.

The family office can also handle non-financial issues such as private schooling, travel arrangements and miscellaneous other household arrangements.

"A proactive family office allows a family to structure its wealth to ensure continuity of values and objectives, while freeing up family members to pursue endeavours that are most important to them," Credit Suisse Market Leader Indian Sub-Continent and Non Resident Indian business Raj Sehgal said.

India is home to 158,000 millionaires and this number is expected to rise by 53 per cent to 242,000 by 2017 according to the latest research conducted by Credit Suisse in its annual Global Wealth Report.

Traditionally, wealth management firms focused mainly on providing basic investment and advisory services. But rising wealth with large-business families has created a need for an offering that provides a comprehensive range of services around asset allocation, estate planning, corporate finance and philanthropy initiatives.