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Portfolio Management

1. Discretionary PMS India
Where the investment is at the discretion of the fund manager & the client has no intervention in the investment process.

2. Non-Discretionary PMS
Under this service, the portfolio manager only suggests investment ideas. The choice, as well as the timings of the investment decisions, rest solely with the investor. However, the execution of the trade is done by the portfolio manager.

The client may give a negative list of stocks in a discretionary PMS at the time of opening his account and the Fund Manager would ensure that those stocks are not bought in his portfolio. The majority of PMS providers in India offer Discretionary Services.

How can investors invest in
Portfolio Management Services?
There are two ways in which an investor can invest in Portfolio Management Services:
1. Through Cheque payment
2. Through transferring existing shares held by the customer to the PMS account. The Value of the portfolio transferred should be above the minimum investment criteria.

Besides this customer will need to sign a few documents like– PMS agreement with the provider, Power of Attorney agreement, New Demat account opening format (even if the investor has a Demat account he is required to open a new one), and documents like PAN, address proof and Identity proofs are mandatory. NRIs can invest in a PMS. The NRI needs to open a PIS account for investing in PMS. The documentation required for an NRI, however, is different from a resident Indian. A checklist of documents is provided by each PMS provider.

Working of a Portfolio Management Services (PMS)

Entry of investors at different times.
The difference in the number of investments by the investors
Redemptions/additional purchases done by the investor
Market scenario - Eg If the model portfolio has an investment in Infosys, and the current view of the Fund Manager on Infosys is “HOLD”(and not “BUY”), a new investor may not have Infosys in his portfolio.

Under PMS schemes the fund manager interaction also takes place. The frequency depends on the size of the client portfolio and the Portfolio Management Services provider. The bigger the portfolio, the frequency of interaction is more. Generally, the PMS provider arranges for fund manager interaction on a quarterly/half-yearly basis.