In FY 2023–24, India saw Rs. 2.7 lakh crore in assets managed under Portfolio Management Services (PMS), with Mumbai-based firms handling over 40% of this volume. This sharp rise reflects the growing demand for structured, personalised wealth strategies among high-net-worth individuals (HNIs) and NRIs.

• Are you unsure how to assess which PMS provider in Mumbai will match your financial vision?

• Do SEBI rules and varied fee models make comparing PMS firms feel complex?

• Have you been offered the same investment plans despite having unique goals and capital?

Mumbai, often considered India’s financial headquarters, hosts several leading PMS firms that cater to affluent clients with deep industry specialisation. This blog serves as a complete guide to help investors select the best portfolio management services in Mumbai.

Key Takeaways

• Mumbai leads PMS AUM share in India, with high demand from HNIs and NRIs

• Key PMS features include personalized planning, multi-asset strategies, and SEBI compliance

• Factors like manager experience, transparency, and reporting standards must be reviewed

• Ckredence offers active, research-backed PMS with multi-asset allocation and regular audits

• SEBI-registered firms with strong governance and custom portfolios are ideal choices

What are Portfolio Management Services?

Portfolio Management Services, or PMS, refers to investment solutions where a professional fund manager handles a portfolio of equity, debt, or other assets for clients. Unlike mutual funds, PMS offers personalisation, direct ownership, and higher transparency.

At its core, PMS is designed for HNIs, typically with a minimum investment of ₹50 lakh as mandated by SEBI. Mumbai-based firms offer both discretionary and non-discretionary PMS models, often customised based on client risk appetite and financial goals.

Discretionary PMS allows managers full control, while non-discretionary models involve investor input. There are also advisory models where suggestions are provided without execution control.

PMS is ideal for:

• Investors seeking custom-built portfolios

• Clients looking for direct ownership of securities

• HNIs are aiming for alpha generation through expert strategies

Mumbai's PMS firms often integrate equity, debt, AIFs, and structured products into client portfolios, catering to both domestic and offshore clients.

Why is PMS Popular in Mumbai?

Mumbai is home to SEBI, major brokerages, and many institutional investors. This provides PMS providers access to deeper market data, top research teams, and quicker regulatory updates.

PMS firms in Mumbai attract HNIs due to:

• Immediate access to capital markets and exchanges

• Availability of seasoned fund managers and analysts

• Proximity to financial media and regulators for compliance readiness

The Wealth Report noted that the number of HNIs in India rose by 6% in 2024 to 85,698 from 80,686 in the preceding year. A significant proportion of India’s ultra HNIs are based in or around Mumbai, driving local PMS demand.

From family offices to business owners, clients in Mumbai seek PMS for:

• Wealth preservation with downside protection

• Sector rotation strategies in equity portfolios

• Real estate-backed investment structures

• Active tax planning and succession planning

This has turned Mumbai into a hub for both new-age fintech PMS providers and legacy wealth firms.

How to Choose the Best Portfolio Management Services in Mumbai?

Selecting the right PMS partner in Mumbai requires more than just looking at past returns. Investors need to understand service models, transparency levels, reporting quality, and alignment with personal goals.

1. Track Record and Past Performance

A PMS provider's historical returns, especially during market volatility, reveal how well it handles risks.

• Look at 3-year and 5-year CAGR returns across equity and hybrid portfolios

• Compare performance to benchmarks like Nifty 500 or BSE 200

• Assess drawdown management during bearish cycles

2. Expertise and Reputation

The portfolio manager’s experience is crucial. Consider their background, investment philosophy, and how they handle market shifts.

• Do they have experience across business cycles?

• Are they SEBI-registered and independently rated?

• Do they offer quarterly calls and transparency reports?

Reputed PMS companies in Mumbai often publish monthly fact sheets and performance reviews.

3. Investment Philosophy

PMS firms differ in how they pick assets—some follow value investing, others growth or thematic allocation.

Ask:

• Do they stick to one style or adapt to cycles?

• How often do they churn the portfolio?

• Are risk metrics monitored at the security level?

4. Transparency and Reporting

PMS should offer clear, periodic reports at least monthly, with portfolio updates, transaction logs, and charges.

• Is the data easy to access via a dashboard?

• Are hidden charges disclosed clearly?

• Is there a grievance redressal system in place?

5. Fee Structure

Mumbai PMS firms follow either fixed or performance-linked fees. Understanding the structure is key to assessing value.

• Fixed fee: ~1.5%-2.5% per annum on AUM

• Performance-linked: 1% fixed + 10-15% of returns above hurdle rate

• Compare the net return (post fees) across options to evaluate fairness.

Each of these factors must be weighed in combination, not in isolation, to make the best decision.

SEBI Regulations and Compliance for PMS in Mumbai

All PMS providers in India must register with SEBI under the Portfolio Managers Regulation Act.

SEBI mandates the following for all PMS firms:

• Rs. 50 lakh minimum investment per client

• Regular compliance reporting and audits

• Clear segregation of client accounts and custodian services

• Periodic disclosures on charges, risk, and asset composition

Mumbai-based PMS providers are typically more proactive with SEBI guidelines due to their physical proximity and legacy presence.

Key compliance checks before onboarding:

• Ask for the SEBI registration number

• Verify the custodian details and segregation

• Understand the grievance redressal process and audit history

This step ensures you partner with a credible, regulated firm and avoid noncompliant entities.

Top PMS Companies in Mumbai: What Do They Offer?

Mumbai has numerous SEBI-registered PMS firms that cater to high net worth individuals (HNIs) and non-resident Indians (NRIs). And each firm will differ in philosophy, strategy and service model. Below is a detailed list of the best PMS firms, starting with Ckredence Wealth.

1. Ckredence Wealth

Ckredence Wealth aims to develop a personalized PMS portfolio based on individual goals rather than prescribed models. Specifically, Ckredence Wealth provides multi-asset allocation to optimise returns, including equity, debt, AIFs and structured products.

Highlights:

• SEBI-registered PMS solutions for HNIs and NRIs

• Dynamic rebalancing of client portfolios based on triggers, not timelines

• Simple fee structure and all clients receive performance audits

• Access to advisory services beyond PMS: tax planning, succession planning, and estate advisory

• PMS Advisory will have advisory desks across Mumbai, Pune, Surat and support NRI clients

Ideal For: Investors looking for goal-oriented and research-based portfolios with full visibility of investments and dedicated relationship managers.

2. ICICI Prudential PMS

ICICI PMS is one of the most renowned PMS arms in India and has an experienced AMC behind it. Their focus is on equity-based strategies incorporating large-cap, mid-cap and thematic portfolios.

What They Offer:

• Reputation for having long track records with benchmark-beating returns

• Governance and reporting standards that comply with SEBI

• Strategies such as Absolute Return, Large Cap and Value Series

Ideal For: Brand loyalists, equity portfolios with performance consistency.

3. Motilal Oswal PMS

Motilal Oswal PMS is a veteran equity portfolio management company. Their frameworks of value and growth investing are popularly recognized among high net worth individuals (HNI).

What They Offer:

• Prominent strategies like the Value Strategy and the Next Trillion Dollar Opportunity

• Research-based stock selection with high-conviction cycles

• Calls with investors on a periodic basis and monthly sheets that are straightforward

Ideal For: HNIs looking to gain long-term equity exposure through focused and high-conviction portfolios.

4. Kotak PMS

Kotak PMS offers an array of personalized portfolios focused on investors choosing financial wealth management under a large institutional banking umbrella.

What They Offer:

• Flexible PMS, with discretionary and non-discretionary

• Hybrid combinations of consistent equity and debt holdings, with less risk

• Portfolio reviews and digital access through the Kotak Wealth app

Ideal For: Investors looking for the safety of a bank and the diversification offered by a PMS structure.

5. Anand Rathi PMS

Anand Rathi focuses primarily on goal-based PMS for business owners, Non-Resident Indians and family-owned businesses.

What They Offer:

• Equity-focused PMS strategy with an ideal goal of alpha generation

• Ability to delve deeper into mid-cap growth themes and business sector play-offs

• Detailed quarterly reporting and personalized reviews of PMS purchases

Ideal For: Clients best served through customised PMS planning with a mid-cap sequence and active advisory input.

6. Dezerv PMS

Dezerv is a new-age PMS approach to deliver ultra-high net worth investment distribution using technology and wealth advisory for affluent millennial and business professional clients.

What They Offer:

• Digital onboarding process for PMS, with SEBI-compliant onboarding

• Multi-asset investment strategies that include equities, debt and alternatives

• Simple fee structure with easy-to-access dashboard for performance monitoring

Ideal For: Digital-savvy investment clients seeking a digitised PMS service with performance-based risk management.

Why Should You Choose Ckredence Wealth?

HNIs in Mumbai need more than standard PMS; they need custom portfolios shaped by real goals and data-backed strategy. Ckredence Wealth is built to serve this demand.

We are not just a PMS provider; we are a complete wealth partner. Every PMS portfolio is built from scratch, starting with deep personal consultation and risk mapping.

1. Solutions That Fit Your Financial Vision

• Built-for-You Portfolios: We map your future goals and build around your preferred sectors and return expectations.

• Multi-Asset Diversification: Beyond equity, we offer structured debt, REITs, AIFs, and offshore vehicles based on your risk spread.

• Ongoing Risk Monitoring: Ckredence portfolios are rebalanced based on volatility triggers, not calendar intervals.

• Transparent Fee & Full Access: You’ll always know what you’re paying and why. No hidden costs.

2. Trusted by Mumbai’s Affluent

• Proven PMS Performance: We provide clear factsheets and peer comparisons, not marketing brochures.

• Expert-Led Portfolio Review: Every quarter, our advisors review your holdings and suggest changes aligned with market movements.

• Wealth Beyond Returns: From legacy planning to tax optimisation, we manage wealth beyond just asset returns.

Our Core Services Include:

• Personalized PMS planning

• SEBI-compliant onboarding

• Quarterly audits and reviews

• Advisory access across Mumbai, Pune, Surat, and the NRI desk

• Private equity and AIF options

You don’t need to settle for models that weren’t built for you. With Ckredence, your portfolio reflects your future, not someone else's strategy.

Conclusion

Finding the best portfolio management services in Mumbai, India, isn’t just about past returns; it’s about choosing a firm that understands your goals, offers clear communication, and builds strategies around your risk comfort. 

At Ckredence Wealth, every portfolio is shaped with care, backed by data, and reviewed regularly to keep it aligned with your financial path. If you're looking to build long-term wealth with confidence and clarity, we request you to explore our PMS offerings and speak with our advisory team today.

FAQs

1. How to choose the best portfolio management services in Mumbai for HNIs?

To choose the best portfolio management, you need to compare the track record, SEBI registration, fee clarity, reporting style, and portfolio alignment.

2. What is the minimum amount to invest in PMS in Mumbai?

As per SEBI rules, the minimum investment in PMS is ₹50 lakh per client.

3. Are PMS returns better than mutual funds for Mumbai investors?

Yes! PMS offers custom strategies that can outperform mutual funds, but risks and fees differ.

4. Why is Mumbai a preferred city for PMS companies?

Mumbai hosts SEBI, major brokerages, and HNIs making it ideal for top PMS providers.