Wealthy
investors are reposing greater faith in their portfolio managers for
investments or advisory services, as the assets under management of
such entities have reached nearly Rs 8 lakh crore in the Indian
capital markets. The increase comes after witnessing a decline in
assets managed by portfolio managers in April.. According to the
Securities and Exchange Board of India (Sebi), Assets Under
Management (AUM) of portfolio managers increased to Rs 7.91 lakh
crore at the end of June, from Rs 7.70 lakh crore in the previous
month. In April, AUM of portfolio managers, who mostly manage
investments or provide advisory services to High Networth Individuals
(HNIs), stood at Rs 7.79 lakh crore in April. The total AUM has
nearly doubled since the data was first released by the market
regulator Sebi in December 2010. During June, portfolio managers
individually handled assets worth Rs 6.11 lakh crore for
discretionary services, besides Rs 1.34 lakh crore for advisory
services and another Rs 45,320 crore for non-discretionary
investments. Of the total assets managed by portfolio mangers, about
Rs 5.60 lakh crore was contributed by funds from employee provident
fund organisation (EPFO) or provident fund (PF), Sebi data showed.
Besides, the number of clients rose from 55,129 in May to 55,539 last
month. However, the number of clients have significantly declined
from the levels seen in December 2010. Portfolio managers accept
investments of up to Rs 25 lakh or stocks worth this level. As per
Sebi data, portfolio managers handled debt assets to the tune of Rs
5.92 lakh crore, and listed and unlisted equities nearly worth Rs
38,000 crore at the end of June.
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