India’s PMS Boom: What a 27% Client Surge Tells Us About 2024

India’s wealth management industry is undergoing a pivotal transformation. In the last year alone, the Portfolio Management Services (PMS) industry has seen a 27% increase in client base and a 20% rise in Assets Under Management (AUM), according to SEBI data as of December 2024. These figures are more than just numbers — they represent a significant shift in the way High-Net-Worth Individuals (HNIs) and financially savvy investors are managing their capital.

As traditional instruments like mutual funds plateau in appeal due to generic strategies and overlapping portfolios, PMS offerings are standing out for their customized portfolios, professional expertise, and alpha-generating potential.And amidst this boom, Dezerv, a new-age wealth management platform, is rapidly climbing the charts by offering tech-enabled discretionary pms services in india built for modern investors.

The Numbers Behind the Boom

Let’s break down the PMS industry’s stellar growth:

Metric	Dec 2023	Dec 2024	% Growth
Non-EPFO AUM (₹ Cr)	6,19,207	7,44,311	20%
Number of Clients	1,44,914	1,84,400	27%

Source: SEBI PMS Trends Report – March 2025

The scale of this growth indicates that PMS is no longer reserved just for ultra-HNIs. The entry point for PMS investment still stands at ₹50 lakhs, but newer platforms like Dezerv are simplifying access through seamless onboarding, performance-linked fees, and curated strategies.

Why Investors Are Turning to PMS?

The rising client count isn’t just a marketing success story — it’s grounded in key investor motivations:

1. Personalized Portfolio Management

Unlike mutual funds that pool investor money and follow broad strategies, PMS offers personalized asset allocation. Investors get exposure to thematic strategies, sectoral tilts, and goal-based portfolio construction—unlike many pooled schemes where mutual fund overlap can dilute strategy precision.

2. Transparency and Direct Ownership

In PMS, investors directly own the securities (stocks, bonds, etc.) in their portfolio. This creates visibility and control — features many HNIs value.

3. Alpha Potential and Niche Strategies

PMS managers aim to outperform benchmarks — often taking contrarian calls, high-conviction bets, or investing in undervalued small/mid-cap opportunities. For instance:

Stallion Asset’s Core Fund delivered 25% 1-year returns
Dezerv’s Equity Revival Strategy clocked a 2% 1-year return with 140% FYTD AUM growth

Who’s Leading the Charge in 2025?

Here are the top PMS managers by AUM, excluding EPFO and institutions (as of Feb 2025):

AMC	AUM (₹ Cr)	Clients	Avg AUM/Client (₹ Cr)
ICICI Prudential AMC	₹20,115	23,278	1
Unifi Capital	₹17,866	10,320	2
ASK Investment	₹17,022	11,876	1
Dezerv	₹6,023	3,191	2

Dezerv’s rise is particularly impressive — with a focus on fee transparency (performance-linked model) and curated equity/debt strategies, it appeals to younger HNIs and finance-first professionals.

➡ Explore Dezerv’s platform: https://www.dezerv.in

Tech-Driven PMS: The New Frontier

Digital-first PMS platforms are driving a shift in investor behavior. Players like Dezerv, 360 One, and Stallion Asset have embraced:

AI-based risk profiling
Portfolio overlap analysis
Instant onboarding and paperless KYC
Mobile access to real-time portfolio performance

Such innovations are bringing PMS out of private banks and into the hands of next-gen HNIs.

The Shift From Mutual Funds to PMS

For investors with ₹50L+ capital to deploy, PMS offers several advantages over mutual funds:

Feature	PMS	Mutual Funds
Minimum Investment	₹50 lakhs	₹500
Portfolio Customization	High	Low
Ownership of Securities	Direct	Indirect (units)
Fee Structure	Fixed or Performance-Linked	Fixed (Expense Ratio)
Alpha Potential	Higher	Moderate

PMS is no longer just about exclusivity — it’s now about precision, personalization, and outperformance. And this message is resonating deeply with India’s rising HNI base.

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Spotlight on Dezerv: A Case Study in PMS Disruption

Among the many PMS providers, Dezerv is emerging as a standout with its disciplined approach and tech-first delivery model. Here’s what makes it unique:

Equity Revival Strategy: ₹2,221 Cr FYTD inflow with 19% since inception returns
Dynamic Debt Plus Strategy: 12% 1-year return, ₹391 Cr FYTD AUM
100% discretionary AUM — no advisory dilution
Performance-linked fees: You pay only when you earn

This aligns with their tagline — “Don’t just diversify, optimize.”

What Should HNIs Look for When Choosing a PMS?

With 100s of PMS offerings available, here’s a framework for HNIs to evaluate:

Strategy Fit:

Do you prefer value investing or momentum?
Are you looking for mid-cap growth or steady large-cap returns?

Past Performance:

Focus on 1Y, 3Y, and since-inception returns
Look at Alpha vs Benchmark, not just absolute numbers

Fee Structure:

Opt for performance-linked fees (like Dezerv)
Understand the impact of fixed annual fees on returns

Manager Credibility:

Look at the fund manager’s experience, past cycles, and institutional backing

Platform Experience:

Does it offer digital reporting, real-time updates, and support?

What’s Ahead for PMS in 2025?

The trendline is clear — PMS is growing faster than ever, fueled by:

Market maturity
Rising affluence
Disillusionment with vanilla mutual funds
Improved transparency and accessibility

SEBI’s evolving PMS regulations around reporting, minimum net-worth, and disclosures are further building investor trust.

And with new platforms like Dezerv pushing the industry forward, the next generation of Indian investors is ready to explore hyper-personalized wealth management.

Final Thoughts

If 2024 was the year of PMS acceleration, 2025 is poised to be the year of PMS consolidation and sophistication.

For finance enthusiasts, this is the time to analyze strategies, compare PMS offerings, and optimize your capital allocation — especially if you’re sitting on ₹50L+ of investable wealth.

Whether you’re a seasoned investor or a growing HNI, platforms like Dezerv are making it easier than ever to manage wealth with intelligence, intent, and impact.