PMS assets double in 5 years, hit ₹32L cr

THE INDIAN STOCK market's recent surge has investors flocking to discretionary portfolio management services (PMS) in search of higher returns.

- MAHESH NAYAK

Over the past two years, the number of investors in discretionary PMS has jumped a staggering 58%, from 1.22 lakh in April 2023 to 1.92 lakh in April 2025. This influx of new investors has led to a significant increase in assets under management (AUM) of PMS, which has surged 37% from ₹23.5 lakh crore to ₹32 lakh crore during the same period. In April 2020, the AUM was at ₹15 lakh crore.

"We're seeing two main types of clients gravitate toward PMS. Those with sizable mutual fund exposure wanting something sharper and more bespoke, and direct equity investors seeking professional oversight after mixed results with self-managed portfolios," said Anand Shah, CIO – PMS & AIF at ICICI Prudential AMC.

Post-2020, a large influx of new investors entered the market, driven by increased financialisation and digital access. However, after facing market corrections in 2023, many investors began seeking expert-managed solutions, such as PMS and mutual funds.