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  • Vivriti Debt ++ Non-EPFO/PF PMS AUM reaches Rs. 7.41 lakh crore

    Non-EPFO/PF PMS AUM reaches Rs. 7.41 lakh crore

    The total AUM of PMS has reached Rs. 36.64 lakh crore AUM in November 2024
    Suhail Chagla Jan 29, 2025

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    SEBI data shows that the AUM of PMS industry has increased by 18% from Rs.30.96 lakh crore in November 2024 to Rs.36.64 lakh crore in November 2024.

    If we look at PMS AUM excluding EPFO/PF contributions, the AUM has reached Rs. 7.41 lakh crore in November 2024, growing by 24.20% from Rs. 5.96 lakh crore in November 2023.

    Within PMS, discretionary PMS AUM has shown strong growth, increasing by 29.40% to reach Rs. 4.59 lakh crore in November 2024. Non-discretionary PMS AUM has also seen healthy growth of 16.60%, rising from Rs. 2.41 lakh crore in November 2023 to Rs. 2.81 lakh crore in November 2024.

    Total PMS Assets Including EPFO

    The EPFO/PF continues to be a major contributor to the overall AUM. EPFO/PF assets grew by 16.40% to reach AUM of Rs. 26.22 lakh crore. Discretionary PMS accounts for the bulk of EPFO assets at Rs. 26.06 lakh crore.

    Number of PMS Clients

    Client growth has been particularly strong in the discretionary PMS, with the number of clients increasing by 25.40% from 1.44 lakh to 1.81 lakh clients. Non-discretionary PMS has seen its client base grow by 19.50% from 5,077 to 6,069 clients.

    Co-investment PMS has seen rapid growth, with client numbers increasing by 312% from 97 to 400 clients, while its AUM grew significantly from Rs. 742 crore to Rs. 3,649 crore, a growth of approximately 392%.

    However, advisory PMS witnessed a decline in client base, dropping from 1,536 to 1,404 clients, an 8.6% decrease.

    Industry participation

    The number of registered PMS providers reporting to SEBI has increased from 361 in November 2023 to 438 in November 2024, indicating growing participation in the industry.

    Let us look at the tables below to better understand the data:

                  PMS AUM

    Nov-23

    Nov-24

    Growth %

    Discretionary PMS           

    25,94,700

    30,65,854

    18.20%

    Non-Discretionary PMS       

    2,55,751

    2,97,892

    16.50%

    Co-Investment               

    742

    3,649

    391.80%

    Advisory                    

    2,45,560

    2,97,385

    21.10%

    Total PMS AUM               

    30,96,753

    36,64,781

    18.30%

     

    PMS AUM excluding EPFO/PF              

    Nov-23

    Nov-24

    Growth %

    Discretionary PMS           

    3,55,032

    4,59,350

    29.40%

    Non-Discretionary PMS       

    2,41,834

    2,81,976

    16.60%

    Co-Investment               

    742

    3,649

    391.80%

    Total Non-EPFO AUM          

    5,96,865

    7,41,326

    24.20%

     

    R Pallavarajan, Co-Founder, PMS Bazaar attributes this growth to rising investor interests in performing PMSs. He said, "Earlier it used to be only popular PMSs, with a few names getting the large market share. In the last 12-15 months, we're seeing allocation moving to boutique PMSs who have been performing well. Strong regulations post-2020, including increased network requirements and APMI's role as a trade body, have given investors more confidence.”

    Jyoti Prakash, Managing Partner, Equity and PMS at PRP Professional Edge Associates feels that the growth was largely due to performance of mid and small cap PMSs. He said that majority of PMSs focusing on mid and small cap stocks have created wealth for investors despite changes in taxation.

    Vijay Choudhary, Director at Renaissance Financial Services said that PMS AUM will continue to go up because of its increasing popularity. The non-EPFO AUM of the PMS industry will reach Rs.20 lakh crore in less than 5 years and it will grow faster than AIFs, he said.

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