Assets under management (AUM) of portfolio managers in India are up almost 5.5 times in the past five years, according to data from the Securities and Exchange Board of India (Sebi). Portfolio Management Service (PMS) providers, which cater to high net worth individuals (HNIs), could not have enjoyed a very savoury reputation five-six years ago but seem to be getting their act together, both in terms of returns generated and the quality of service offered, as is evident from their rising AUM.
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Many HNI investors want to communicate directly with their portfolio manager handling their portfolios. PMS, where the number of customers is limited, allows this. "Any prospective or existing investor can have access to our portfolio manager," says Ajay Bodke, chief executive officer and chief portfolio manager-PMS, Prabhudas Liladher. This is not possible in the case of mutual funds (MF) ,where the customer base is large. Regulations also restrict MF managers from commenting on specific stocks.
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