Portfolio manager is a body which advises or undertakes the management of a portfolio of securities of a client.
New Delhi: Wealthy investors continued their faith in portfolio managers or advisory services as the asset base of such entities crossed Rs 13 lakh crore in the Indian capital market at July-end mainly on the back of increase in number of clients.
A portfolio manager is a body corporate who advises or directs or undertakes on behalf of the client the management of a portfolio of securities or the funds of the client.
According to data available with capital market regulator Sebi, total assets under management (AUM) of portfolio managers increased from Rs 12,83,106 crore at the end of June to Rs 13,05,758 crore at July-end.
The asset base has been on the rise since February, when it was Rs 11.89 lakh crore. It had stood at Rs 11.97 lakh crore in January-end.
Besides, the number of clients rose to 92,554 during the period under review from 89,212 in June.
Portfolio managers handled assets worth Rs 10,36,488 crore for discretionary services, besides Rs 1,89,595 crore for advisory services and another Rs 79,676 crore for non-discretionary investments during the period under review.
Of the total assets managed by such managers, over Rs 9 lakh crore were contributed by the Employee Provident Fund Organisation (EPFO), Sebi data showed.