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The PMS AUM, excluding EPFO assets, saw a decline in February 2025. Compared to December 2024, which recorded a non-EPFO AUM of Rs. 7.44 lakh crore, the non-EPFO PMS AUM fell by 10.66% to Rs. 6.64 lakh crore.
The total AUM of the PMS industry, including EPFO assets, stood at Rs. 37 lakh crore, which was same as December 2024 levels.
In terms of clients, the PMS industry added 6,000 investors, reaching 1.98 lakh investors in February—an increase of 3% over two months.
Let's look at the data below:
|
Month |
Total PMS AUM |
Non-EPFO AUM |
Total PMS Clients |
|
Dec-24 |
37,06,191 |
7,44,311 |
1,92,381 |
|
Jan-25 |
37,17,666 |
7,17,171 |
1,96,274 |
|
Feb-25 |
37,04,006 |
6,64,962 |
1,98,095 |
A deeper look at Non-EPFO AUM shows that discretionary PMS—where the fund manager takes decisions on behalf of the client—saw a sharper decline of around 16.5%. Meanwhile, non-discretionary AUM—where clients are more involved in decision-making—dropped by 5.97%.
Let's look at the data below:
|
Month |
Discretionary non-EPFO AUM |
Non-discretionary non-EPFO AUM |
|
Dec-24 |
4,61,359 |
2,82,952 |
|
Jan-25 |
4,33,800 |
2,83,371 |
|
Feb-25 |
3,84,900 |
2,80,062 |
Jyoti Prakash, Managing Partner – Equity and PMS at AlphaaMoney, attributes the drop to the market correction and high exposure to the small-cap segment.
He further said, “Non-discretionary AUM may include more unlisted stocks, which aren’t marked to market. That can bring down AUM values temporarily.”
Vijay Choudhary, Director – Financial Renaissance Services, shared, “Despite short-term volatility, PMS AUM is expected to grow at a CAGR of 26–28% and may reach Rs. 43 lakh crore by 2028. Regulations and fintech tools have improved transparency and control, especially in non-discretionary models.”
He added, “The current market correction is actually encouraging people to look into PMS again, especially HNIs.”
Sandeep Gandhi of MEGA Financial Services said, “Most PMS investments are in small and midcap stocks, which were hit during the recent corrections.”
Gandhi emphasized that investors must evaluate the fund manager’s background—whether they are aggressive or conservative. He added that PMS is suitable only for mature investors.
