Latest SEBI data shows that PMS assets (excluding EPFO investments) fell marginally last quarter on account of drop in both discretionary PMS (excluding EPFO) and advisory assets. Overall, PMS assets (excluding EPFO) stood at Rs.4.45 lakh crore in June 2019 compared to Rs. 4.75 lakh crore in March 2019.
Advisory assets dropped to Rs.1.91 lakh crore in June 2019 from 1.94 lakh crore in March 2019, a drop of Rs.3,100 crore during the previous quarter. Experts feel that some of the advisory assets may have moved into alternative investment funds as they offer more flexibility in terms of investments. On a positive note, the number of clients in advisory PMS increased slightly from 4038 to 4102 during the period.
Discretionary PMS (excluding EPFO) also saw a sharp fall in its AUM to the tune of Rs. 31,000 crore last quarter. Between March and June 2019, AUM of the category dropped from Rs. 1.72 lakh crore to Rs. 1.42 lakh crore. As most PMS invest in mid and small cap segment, the correction in this space may have contributed to the fall in AUM.
Non-discretionary assets meanwhile continued to maintain their positive streak growing at a healthy pace during the period. Non-discretionary funds added close to Rs.4,000 crore in assets between March and June 2019.
In a non-discretionary PMS, investors have a say in stock selection.
PMS Assets
|
Period |
Discretionary |
EPFO investments |
Non-Discretionary |
Advisory |
Total Excluding EPFO |
|
Including EPFO |
|||||
|
In Rs. Crore |
|||||
|
Mar-19 |
1,303,141 |
1,130,452 |
109,031 |
193,620 |
475,341 |
|
Jun-19 |
1,328,285 |
1,186,486 |
112,960 |
190,520 |
445,279 |
|
Difference |
25,144 |
3,929 |
-3,100 |
25,973 |
|
|
Change in % |
2% |
4% |
-2% |
-6% |
|
Source: SEBI