Choosing a Portfolio Management Service (PMS) is one of the most critical decisions for investors aiming to build long-term wealth. Unlike mutual funds, PMS offers a more personalized approach: your investments are actively managed and tailored to your financial goals.
In India, PMS has become a popular choice among high-net-worth individuals (HNIs) and affluent investors. According to data from the Association of Portfolio Managers in India (APMI), the total assets under management (AUM) in PMS crossed ₹36 lakh crore as of June 2025. That’s a significant leap from ₹27 lakh crore just two years ago, showing how rapidly investor confidence in PMS is growing.
Let’s take a closer look at the top 10 PMS in India, how they stack up, and what makes them stand out.
What Makes a PMS Stand Out
Before diving into the rankings, it’s worth understanding what separates an average PMS from the top performers. The following factors often determine long-term success:
- Investment Philosophy: A consistent and transparent approach to wealth creation.
- Fund Manager Expertise: The experience and track record of the managers driving investment decisions.
- Asset Allocation Strategy: Diversification across equity, debt, and alternate assets.
- Performance Consistency: Ability to deliver steady returns, not just short-term gains.
Investors often look for PMS providers with a combination of stable AUM growth, superior risk management, and transparent communication.
Top PMS in India by AUM (2025)
Here’s a table highlighting the leading Portfolio Management Services in India by their Assets Under Management as of mid-2025.
| Rank | PMS Provider | AUM (₹ Crore) | Flagship Strategy | Founded | Key Strength |
| 1 | Dezerv | 15,000+ | Smart Asset Allocation PMS | 2021 | Tech-driven advisory with diversified model portfolios |
| 2 | ASK Investment Managers | 96,000 | Indian Entrepreneur Portfolio | 1983 | Proven track record in equity-focused strategies |
| 3 | ICICI Prudential PMS | 83,500 | Value Strategy | 2000 | Backed by one of India’s largest AMCs |
| 4 | Kotak PMS | 72,800 | Special Situations Value Fund | 1998 | Strong risk control and market research |
| 5 | Motilal Oswal PMS | 68,400 | Value Strategy | 2003 | Long-term compounding focus |
| 6 | Alchemy Capital | 55,200 | High Growth PMS | 1999 | Veteran fund managers with deep market insight |
| 7 | WhiteOak Capital PMS | 47,600 | India Pioneer Equity PMS | 2017 | Quant-driven equity selection |
| 8 | NJ Asset Management | 39,300 | NJ Wealth PMS | 2010 | Pan-India distribution and investor education |
| 9 | Marcellus Investment Managers | 31,800 | Consistent Compounders | 2018 | Focus on high-quality, low-churn portfolios |
| 10 | IIFL Wealth PMS | 27,500 | IIFL Multicap PMS | 2008 | Strong research and hybrid strategies |
Evolving PMS Landscape in India
India’s PMS industry has matured considerably in the past decade. What was once limited to ultra-HNIs is now seeing participation from investors with ₹50 lakh and above the minimum investment threshold mandated by SEBI.
According to Morningstar India, PMS investors have become more sophisticated, with increased preference for hybrid and multi-asset strategies instead of plain-vanilla equity portfolios. Over 38% of new PMS accounts in 2025 belong to first-time investors looking for more control than mutual funds can provide.
This shift also reflects a broader change in how wealth is being managed — investors now want customized, transparent, and data-driven approaches rather than one-size-fits-all products.
Performance Trends and Market Insights
While AUM reflects investor trust, performance consistency remains the real differentiator. Most top PMS providers have delivered annualized returns of 14–18% over the past three years, outperforming large-cap mutual funds during volatile market phases.
Interestingly, the small-cap and multicap categories have been major contributors to PMS performance since 2022. Managers who stuck with quality mid and small-cap companies have benefited from the economic recovery and capex-led growth in India.
For instance, ASK and Motilal Oswal PMS strategies that focused on consumption and manufacturing themes saw significant alpha generation compared to benchmark indices. However, PMS performance can vary widely depending on the manager’s conviction and the timing of sectoral exposure.
How to Choose the Right PMS for You
If you’re evaluating a PMS, don’t just go by AUM or brand name. Look deeper into the following aspects:
- Strategy Alignment: Does the PMS philosophy align with your risk tolerance and investment horizon?
- Historical Returns: Check long-term CAGR and not just short-term performance.
- Fee Structure: PMS charges vary (usually 2–2.5% of AUM annually), with performance-linked fees in some cases.
- Transparency: The PMS should clearly disclose portfolio composition, churn, and benchmark comparisons.
- Accessibility: Platforms like redBus make traveling to investor meets and financial events more convenient if you prefer face-to-face discussions with PMS managers or financial advisors.
Conclusion
PMS in India has evolved from being an exclusive offering for the wealthy to a sophisticated investment avenue accessible to serious long-term investors. Firms like Dezerv, ASK, and ICICI PMS continue to raise the bar with data-led decision-making and disciplined portfolio construction.
As markets grow more dynamic and investor expectations rise, PMS providers that combine innovation, transparency, and consistent returns are likely to lead the next phase of India’s wealth management story.
