India’s PMS Industry AUM rises 2% in July to Rs 44 lakh crore, client
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India’s PMS industry expanded in July, with AUM rising 2% month-on-month to Rs 44.11 lakh crore and clients increasing 1.3% to 2.23 lakh. Annual growth stood near 11%, while strong inflows, expanding distributors and domestic investors supported continued industry growth.
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Loading...×India’s Portfolio Management Services (PMS) industry continued its growth trajectory in July, with Assets Under Management (AUM) rising 2.0% month on month to approximately Rs 44.11 lakh crore and the client base expanding 1.3% to approximately 2.23 lakh accounts, according to the July 2026 PMS Industry Compendium of the Association of Portfolio Managers in India (APMI).On a year-on-year basis, both AUM and the client base grew by approximately 11%. Since the beginning of FY27, the AUM has grown 4.3% while the client base has expanded by 5.2%.
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The industry also recorded its highest monthly addition of distributors in FY27 so far, with 1,226 individuals and 181 non-individual distributors joining the ecosystem in July. Their cumulative numbers rose to 21,650 and 3,144, respectively.
The expansion in the distribution network signals increasing reach and accessibility of PMS offerings across the investor base.
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The discretionary segment continued to anchor the industry, accounting for 84.7% of total AUM and 95.5% of the client base. Among the service categories, co-investment recorded the highest month on month AUM growth at 10.2%, followed by advisory at 3.0%, non-discretionary at 2.9% and discretionary at 1.8%.
Capital flows remained strong during the month, with total PMS net inflows increasing to ₹4.66 lakh crore in July from ₹3.55 lakh crore in June. Discretionary services accounted for the bulk of the inflows, recording net inflows of ₹4.62 lakh crore, while non-discretionary services recorded net inflows of ₹3,797 crore during the month.
Domestic investors continued to form the core of the PMS ecosystem, accounting for 91% of the total client base and 95% of total AUM in July. Domestic AUM grew 2.0% month on month, while PF and EPFO assets continued to account for approximately 79% of the domestic AUM base.
Across asset classes, equity and plain debt each grew 1.5% during the month. Mutual fund assets increased 3.6%, while structured debt grew 0.6%. Plain debt remained the largest asset allocation, accounting for 83% of the PMS book and contributing significantly to the overall increase in AUM during the month.
“The PMS industry has reached a scale where its next phase must be defined by greater and wider investor participation, coupled with greater ease of investing. The expanding investor and distributor base reflects the growing acceptance of PMS and presents an opportunity to take PMS solutions to a broader pool of investors. At APMI, we will continue to raise the bar on transparency, governance and investor awareness, while fostering innovation and strengthening the ecosystem for the next phase of India’s wealth creation journey,” said Vikas Khemani, Chairman, APMI.
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Further reflecting the growing maturity of the industry, the number of SEBI registered portfolio managers reached 534. The Compendium notes that the pace of additions has accelerated in recent years, indicating growing interest in and adoption of portfolio management services.
APMI remains committed to being the collective voice of the PMS ecosystem, championing investor first practices, enabling collaboration and fostering a high trust environment that supports sustainable growth for investment managers and clients.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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Figures reflect the source report and its stated period. This article is for information and is not investment advice.
