NEW DELHI, Aug 24: Wealthy investors continued to have faith in portfolio managers or advisory services as the assets under management of such entities touched Rs 11.2 lakh crore in the Indian capital market at July-end.
Asset base of portfolio managers, who mostly manage investments or provide advisory services to High Networth Individuals (HNIs), stood at Rs 9.77 lakh crore in July 2015.
According to Securities and Exchange Board of India, Assets Under Management (AUM) of portfolio managers was at Rs 11.19 lakh crore at the end of July as against Rs 11.06 lakh crore in the preceding month.
Portfolio managers individually handled assets worth Rs 8,60,947 crore for discretionary services, besides Rs 1,92,791 crore for advisory services and another Rs 65,635 crore for non-discretionary investments during the period under review.
Of the total assets managed by portfolio mangers, about Rs 7.73 lakh crore was contributed by employee provident fund organisation (EPFO) or provident fund (PF), Sebi data showed.
Besides, the number of clients rose to 59,191 in July from 51,829 in the year-ago period.
A portfolio manager is a corporate body, which pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise), management of a portfolio of securities or the funds of the client. (PTI)
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