Introduction
Portfolio Management Services (PMS) have rapidly become the go-to investment vehicle for India’s high-net-worth individuals (HNIs) who seek more than equity market-driven wealth creation through traditional avenues mutual funds, etc.
With the Indian economy continuing to surge and wealth creation at record highs, more and more sophisticated investors are looking for alternatives that offer professional management and customisation. As the PMS industry’s assets under management have crossed INR 7 lakh crore in 2025, standing at a total of INR 753,149 crore as of 31 May, 2025, from non-EPFO/PF PMS, it’s clear that the appetite for tailored, actively managed portfolios is on the rise.
Whether you’re looking to invest in alternatives, diversify your portfolio beyond traditional instruments, or you want access to professional fund managers, PMS can be a serious consideration for you. In this article, we will cover the top PMS providers in India to help you choose the right PMS provider for you.
What are Portfolio Management Services (PMS)?
Portfolio Management Services (PMS) are investment solutions offered by professional portfolio managers and investment firms registered with SEBI. Think of it as hiring your personal team of finance professionals, in contrast to the pooled investment approach of mutual funds or AIFs. The fund managers construct, monitor, and optimise a portfolio that’s unique to your financial profile, market outlook, and long-term objectives, which are clearly negotiated between the investor and the PMS fund manager.
Typically, PMS is suitable for HNIs, those who can invest at least INR 50 lakh, reflecting the industry’s bespoke nature, targeting sophisticated investors. The regulatory oversight by SEBI ensures transparency and accountability, setting PMS apart from informal advisory models.
What distinguishes PMS from mutual funds or AIFs is direct ownership (securities are held in your name) and greater customisation.
There are different categories of PMS: discretionary (where the manager takes decisions on your behalf), non-discretionary (you approve every transaction), and advisory (guidance only). Strategy-wise, you can choose multi-cap, large-cap, small-cap, thematic, or even sector-specific approaches, with reporting and risk management standards mandated by SEBI.
Why Consider PMS in 2025?
In the past 3 to 5 years, many PMS providers have posted superior returns compared to leading mutual funds and even equity indices, thanks in part to their ability to pursue niche strategies and promptly act on market opportunities, navigating through market volatility that has prevailed by and large for the last couple of years.
PMS stands out for various features, some of which that stand out, are the following:
- Customisation: Your portfolio is curated to your unique risk appetite and goals. While AIFs, Mutual Funds, and PMS all have professional fund management, one thing that sets PMS apart is that they are curated based on the specific needs and goals of the investor, instead of a one-size-fits-all approach.
- Transparency: Clear reporting, direct holding, and personalised access.
- Access to Experts: India’s best PMS providers attract elite fund managers with proven track records.
- Alpha Generation: Potential for benchmark outperformance.
- Diversification: Combine multiple asset classes and strategies.
Factors to Consider for Choosing the Best PMS Provider
PMSs are tailored for the specific needs of the investor; as a result, selecting the best PMS in India is not a one-size-fits-all task. Here’s what you should consider to choose the right PMS:
- Performance History: Look for 3 to 5-year CAGR, consistency across bull and bear cycles, and performance relative to benchmarks. Top PMS providers in India, such as SageOne, Marcellus, and ASK, have delivered robust risk-adjusted returns over considerable investment horizons.
- Investment Philosophy & Strategies: Match the manager’s investment philosophy (growth, value, sectoral, thematic, market capitalisation, etc.) with your financial ambition.
- Fund Manager Track Record: Review credentials, qualifications, experience, philosophy, and regulatory record of fund managers. Top fund managers have long, public track records of managing substantial wealth ethically and outperforming benchmarks.
- Fees & Transparency: Understand the full cost of availing PMS services, including management fees, performance fees (profit-sharing), and other charges.
- Client Service & Reporting: Timely portfolio updates, responsive advisory teams, and quality research access can make a huge difference to your investing experience.
- SEBI Registration & Compliance: Ensure the PMS provider is registered and compliant with SEBI’s regulations. Check for firm-level audits and performance disclosures as required by SEBI and industry bodies like the Association of Portfolio Managers in India (APMI).
Top 10 PMS Providers in India for 2025
Here’s a list of the 10 best PMS providers in India for 2025. This list is not in any order of preference, and each firm stands out on its own strengths, strategies, and risk management. These brief overviews will help you compare the top PMS in India to find the right fit for your investment needs.
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Motilal Oswal PMS
Motilal Oswal brings over 20 years of PMS expertise, led by stalwart Raamdeo Agrawal. With an AUM of over INR 15,000 crores, their proprietary QGLP (Quality, Growth, Longevity, Price) philosophy drives long-term wealth creation.
Flagship strategies like ‘Value Migration’ and ‘Mid to Mega’ have delivered 29.99% CAGR (midcap) over 3 years and 25.02% over 5 years (Value Migration). Investors enjoy detailed transparency, strong research, and various fee structures to suit preferences.
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ASK Investment Managers
ASK Investment Managers (ASKIM) is the flagship company of ASK Asset & Wealth Management Group. ASK is known as India’s largest discretionary PMS house, catering especially to HNIs & UHNIs. With a track record of over two decades, ASK’s PMS portfolios, like Indian Entrepreneur and Financial Opportunities, have consistently delivered 15–19% CAGR over a 3 to 5-year horizon. The firm’s focus is on quality, stewardship, and prudent risk management, with a wide selection of pure equity approaches and client-centric service. ASK primarily focuses on discretionary listed equity portfolio management and was among the earliest ones to get a Portfolio Management Services license in India.
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360 One PMS
360 ONE Asset (Formerly known as IIFL Asset Management) focuses on Portfolio Management strategies, enabling investors to safeguard and grow their investments whilst minimising risk and volatility.
Part of the globally recognized 360 ONE group, this PMS house specializes in multi-cap and high-conviction equity strategies. Their Multicap PMS has clocked 20% CAGR over 3 years and 21% over 5 years with disciplined, risk-managed active management. Investors benefit from co-investment alignment, flexible fee models, and international best practices tailored for Indian investors.
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Abakkus Asset Management LLP
Founded by Sunil Singhania, Abakkus is renowned for its “alpha-focused” approach. Abakkus offers discretionary PMS, catering primarily to niche investors (individuals or institutions with high net worth). Investments are predominantly in listed Indian equities.
The Emerging Opportunities strategy boasts a robust 32% CAGR over 3 years (small & midcap). Abakkus is process-driven, strictly adheres to frameworks, and is known for its transparency and lean cost structure, attracting discerning performance-seeking investors.
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ICICI Prudential PMS
ICICI Prudential Alternate Investments manages Portfolio Management Services and Alternative Investment Funds through ICICI Prudential Asset Management Company Limited.
A powerhouse with backing from banking and global insurance giants, ICICI Prudential PMS offers diversified asset-class strategies that have performed impressively with returns in the range of 12-28%. With deep resources, a national presence, and a history dating back to 1998, the PMS arm leverages extensive research and innovation. Known for balanced and thematic portfolios, they maintain strong compliance, technology integration, and flexible client support.
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Marcellus Investment Managers
Led by Saurabh Mukherjea, Marcellus builds concentrated, low-churn portfolios in high-moat companies. The Consistent Compounders portfolio invests with an aim of achieving long-term capital appreciation by investing in a concentrated portfolio of heavily moated companies. Their risk controls and forensic research are industry benchmarks, and reporting is exceptionally detailed, making them a top PMS provider in India for meticulous investors looking for long-term stable capital appreciation.
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SageOne Investment Managers
Spearheaded by Samit Vartak, SageOne has been celebrated for best-in-class long-term wealth creation. Its Core Portfolio consistently wins industry awards, with a reputation for high risk-adjusted returns through focused, high-conviction equity investment. SageOne’s lean, research-first team excels in transparency and customization.
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Unifi Capital Pvt Ltd
Founded in 2001, Unifi stands out with niche, thematic, and value-driven PMS strategies, blending value and growth. With over 20 years as a PMS provider and INR 24,900 Crore worth of assets under management, Unifi is one of the best PMS providers in India.
Top portfolios such as APJ 20 (now closed) have posted 26% CAGR (3 years), showing strong risk-adjusted returns. The firm emphasizes transparency, disciplined research, and well-structured fees, appealing to those seeking differentiated exposure.
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White Oak PMS
WhiteOak Capital Asset Management Limited is part of White Oak Capital Group. White Oak PMS, established by Prashant Khemka, focuses on bottom-up stock selection and a proprietary “Outlier” investment framework. The PMS offers unique multi-cap and focused strategies, focusing on absolute returns with disciplined risk controls. Clients appreciate the frequent communication, transparency, and scientific decision-making at White Oak.
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Anand Rathi PMS
Anand Rathi’s PMS leverages over 25 years in financial markets, offering diverse, research-driven PMS strategies for HNIs and family offices. The firm’s multi-cap and midcap allocations is popular among cautious yet return-seeking investors. Notable features include customized solutions, strong after-sales support, and robust regulatory compliance.
Conclusion
PMS has firmly established itself as the investment frontier for sophisticated investors in India in 2025. High returns, customisation, and access to top fund managers explain why top PMS providers in India are now central to HNIs’ wealth strategies.
Remember, your ideal PMS is the one that fits your unique goals, risk profile, and investment horizon, so always compare, review features and past performance, and don’t hesitate to avail an advisor’s help before entrusting your hard-earned wealth.
