NEW DELHI, Feb 22: Wealthy investors continued to repose faith in portfolio managers or advisory services as the assets under management of such entities rose to about Rs 12 lakh crore in the Indian capital market at January-end.
It also marks the 13th consecutive monthly rise in asset base of portfolio managers.
According to the Securities and Exchange Board of India (Sebi), total assets under management (AUM) of portfolio managers were at Rs 11,97,455 crore at the end of January, as against Rs 11,75,467 crore in the preceding month.
The asset base has been on the rise since January 2016 when it was Rs 10.23 lakh crore. It had stood at Rs 10.4 lakh crore in December.
Portfolio managers handled assets worth Rs 9,33,346 crore for discretionary services, besides Rs 1,92,140 crore for advisory services and another Rs 71,968 crore for non-discretionary investments during the period under review.
Of the total assets managed by such managers, about Rs 8.3 lakh crore was contributed by employee provident fund organisation (EPFO) or provident fund (PF), Sebi data showed.
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)