A portfolio management service (PMS) is a paid arrangement in which an investment manager manages or advises on an individual client’s portfolio under a written mandate. Unlike a mutual fund, the securities are generally held for that client rather than pooled into a fund owned jointly by investors. The manager may make decisions, recommend trades for the client to approve, or provide advice while the client executes transactions.
PMS may fit an investor who wants a customised portfolio or delegated oversight and can accept the fees, investment losses and reduced day-to-day control that come with professional management. It is not automatically suitable for every wealthy investor, and the name, minimum investment, regulatory duties and available service types depend on the country and contract.
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How a PMS works
The relationship begins with a client agreement or investment mandate. It should describe the objective, risk tolerance, permitted investments, restrictions, decision-making authority, fees, custody arrangements, reporting, and how either party can terminate the relationship. The manager then manages the account within those limits, or provides recommendations for the client to act on, depending on the service selected.
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In an individually managed account, the client normally has a separate portfolio and account records. The manager can use the mandate to construct, monitor and rebalance the holdings, but ownership, taxes and investment gains or losses remain connected to the client’s account. Individual ownership does not protect an investor from falling markets, poor security selection or an overly concentrated portfolio.
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SEBI’s October 28, 2020 FAQ describes a portfolio manager as:
“A portfolio manager is a body corporate, which, pursuant to a contract with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise) the management or administration of a portfolio of securities or goods or funds of the client.”
That wording is from India’s regulatory framework. In another country, “portfolio management” can have a narrower legal meaning, so the local regulator’s definitions take priority.
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The central difference is who has authority to make and implement investment decisions. The labels below follow SEBI’s India investor material; equivalent labels may carry different legal duties elsewhere.
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| Service type | Who decides? | What the manager does | What the client does |
|---|---|---|---|
| Discretionary | The manager, within the agreed mandate | Selects, buys, sells and rebalances investments without seeking approval for each transaction | Sets the mandate, supplies information, monitors reports and can change or end the agreement |
| Non-discretionary | The client retains the relevant decision authority | Researches, recommends or acts on instructions in accordance with the client’s directions | Approves or directs the investment actions |
| Advisory | The client | Provides investment advice; the client generally places or authorises the trades independently | Evaluates the advice and executes transactions |
SEBI’s FAQ says a discretionary manager manages each client’s assets independently in line with that client’s needs, while a non-discretionary manager acts according to client directions. The UK Financial Conduct Authority (FCA), by contrast, uses “portfolio management” for discretionary management under a client mandate and distinguishes it from advice that leaves the investment decision with the client. Always ask the provider and regulator what a label means in your jurisdiction.
Who might consider a PMS?
PMS is primarily associated with high-net-worth investors in SEBI’s explanation. Wealth alone, however, is not a suitability test. A prospective client should consider whether the service solves a specific problem that cannot be handled more simply or cheaply.
A PMS may be worth evaluating if you:
- want a portfolio built around your goals, time horizon, risk profile or restrictions rather than a standard pooled strategy;
- prefer a professional to monitor and rebalance investments;
- can assess a manager’s registration, conflicts, investment process and total costs;
- can tolerate market losses and the possibility that a customised portfolio may be more concentrated than a broad fund; and
- are comfortable delegating some investment decisions, or paying for advice while retaining control, according to the service type.
Another arrangement may be better if you:
- want to choose every security and place every order yourself;
- need the broad diversification, standardisation or liquidity terms of a pooled fund;
- cannot meet the applicable minimum or do not want to pay an ongoing management fee;
- have not yet established an emergency fund, insurance and a suitable overall asset allocation; or
- expect professional management to guarantee a return or eliminate investment risk.
A high minimum, a bespoke portfolio and a professional manager do not prove that a PMS will outperform a mutual fund, an exchange-traded fund or an execution-only account. Compare the actual mandate, holdings, costs, liquidity and risks.
PMS versus mutual funds and self-directed investing
The most visible structural distinction in SEBI’s India material is ownership. PMS holdings are held for the individual investor, while mutual-fund money is pooled and investors own units in the fund. That difference can affect customisation, reporting and tax administration, but it is not evidence of superior performance or lower risk.
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| Comparison point | Individual PMS | Mutual fund | Execution-only account |
|---|---|---|---|
| Decision control | Manager decides under a discretionary mandate, or client decides in a non-discretionary/advisory arrangement | Fund manager decides for the pooled portfolio | Investor decides and places trades |
| Ownership structure | Stocks or other permitted assets are held for the client | Investors own units in a shared fund | Investor owns the securities purchased |
| Customisation | Mandate can reflect individual objectives and restrictions | Strategy is set by the fund’s stated objective | Entirely controlled by the investor |
| Concentration | Depends on the mandate and manager; individual accounts can be concentrated | Depends on the fund; diversification follows its strategy | Depends on the investor’s choices |
| Professional oversight | Manager manages or advises for a fee | Fund manager manages the pool | No portfolio manager is required |
| Costs to examine | Management or performance fees, trading, custody, taxes and other agreement charges | Fund expenses, transaction costs, taxes and any applicable sales or platform charges | Brokerage, spreads, custody, taxes and any paid research or advice |
| Liquidity and termination | Set by the mandate, assets and provider’s terms | Set by the fund’s dealing and redemption rules | Set by the market and account terms |
The same comparison should be made over the same time horizon and against the same risk target. A PMS that owns securities directly may generate more detailed transaction records, but it also leaves the client responsible for understanding individual holdings, turnover, taxes and concentration.
What the UK figures do—and do not—show
The FCA’s 2026 wealth-management survey reported 1.3 million portfolio-management clients, a 20% increase since 2022. It reported typical holdings of around £650,000 for clients using discretionary or advisory services, compared with around £325,000 for execution-only clients.
Those are UK survey figures, not a global PMS market estimate and not an eligibility rule. They illustrate that professionally managed and advised accounts often serve clients with larger portfolios, but they do not establish a required balance or a recommended allocation for any individual.
Eligibility and minimum investment
There is no universal PMS minimum. Rules depend on the jurisdiction, the provider’s licence and the product being offered. In an October 28, 2020 FAQ, SEBI stated that the minimum value accepted from an India PMS client was INR 50 lakh, either in cash or securities worth INR 50 lakh.
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That INR 50 lakh figure belongs to the dated FAQ. Before transferring money or securities, confirm the current rule with SEBI or the relevant regulator and read the provider’s current terms. Do not assume that a minimum from India applies in another country, or that the same amount remains unchanged.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How PMS fees are structured
SEBI’s FAQ says the fee is set out in the client agreement and may be fixed, performance-based or a combination. It also says that, under the rules described in that FAQ, no upfront fees should be charged directly or indirectly. This is an India-specific statement tied to that regulatory framework, not a worldwide pricing rule.
Ask for a complete, written schedule before signing. The total cost can include:
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- a performance fee and the method used to calculate it;
- transaction and brokerage charges;
- custody, account or administrative charges;
- taxes and statutory levies; and
- any charges for products, reporting, exit or termination identified in the agreement.
For a performance fee, ask whether the agreement uses a high-water mark, a hurdle, a benchmark, loss carry-forward or a crystallisation date. If those terms are absent or unclear, obtain an explanation in writing. Compare the fee schedule with the service actually provided, not just the headline percentage.
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Risks that customisation does not remove
Market and security risk
Prices can fall, issuers can default and an investment thesis can be wrong. A manager’s research or professional status does not turn a forecast into a guarantee.
Concentration risk
SEBI identifies concentration as a PMS risk. A manager may build a focused portfolio or a mandate may restrict the investable universe. Ask for position limits, sector limits and a current exposure report, and decide whether those limits fit your overall assets outside the PMS.
Liquidity and timing risk
Some securities may be difficult or costly to sell. Review dealing, withdrawal, in-kind transfer and termination provisions before committing funds.
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Review how the provider is paid, whether it receives compensation from products or intermediaries, how trades are allocated, who has custody, and what happens if the firm or manager changes. A sound process cannot eliminate every operational or conflict risk, but clear disclosures make those risks easier to assess.
Provider due diligence: a practical sequence
- Verify authorisation. Check the firm’s registration with the relevant regulator and, where applicable, the individual manager’s status. In the United States, Investor.gov provides an adviser lookup and disciplinary-history information; other countries have their own registers.
- Read the agreement before funding. Identify the objective, permitted assets, restrictions, discretion, benchmark, risk disclosures, custody, reporting, fees, termination and complaint process.
- Ask how the manager is compensated. Request every direct and indirect charge, including performance-fee calculations and payments from affiliated products or brokers.
- Examine the portfolio process. Ask how diversification, position sizing, rebalancing, liquidity and tax-sensitive trading are handled. Request examples of the reports you will receive.
- Check disciplinary and conflict information. Ask about regulatory actions, complaints, related-party transactions and personal trading controls. Verify important answers independently.
- Test the mandate against your finances. Include assets outside the PMS, cash needs, debt, taxes, insurance and the possibility of a large drawdown. Do not invest money needed for near-term obligations merely to meet a minimum.
- Confirm custody and withdrawal mechanics. Know where assets and cash are held, who can move them, how statements are issued and how long termination or transfers may take.
Questions to ask before signing
- Is this discretionary, non-discretionary or advisory, and exactly who authorises each trade?
- What investments and derivatives are permitted, and what restrictions can I impose?
- How concentrated may the portfolio become?
- What is the complete annual and transaction-level cost in a normal year and in a high-turnover year?
- How is any performance fee calculated, and what happens after a loss?
- Which entity holds custody, and how are cash and securities reconciled?
- How often will I receive holdings, transactions, valuation and risk reports?
- What notice, charges and transfer process apply if I terminate?
- What conflicts exist, and how are they disclosed and managed?
- What registration and disciplinary records can I verify?
Using historical India data carefully
SEBI’s 2020 filing document reported 350 registered portfolio managers, including asset-management companies, as of June 29, 2020. It reported the cited PMS service mix in February 2020 as 82% discretionary, 11% advisory and 7% non-discretionary.
| Historical measure | Reported figure | Date and qualification |
|---|---|---|
| Registered portfolio managers, including AMCs | 350 | June 29, 2020; SEBI filing document |
| Discretionary share of cited PMS mix | 82% | February 2020 |
| Advisory share of cited PMS mix | 11% | February 2020 |
| Non-discretionary share of cited PMS mix | 7% | February 2020 |
These figures are historical snapshots, not current market shares or evidence that discretionary management is inherently better. Use current regulator data when assessing today’s market.
Quick Recap
A simple decision framework
- Define the job. Write down the goal, horizon, liquidity needs and restrictions the service must meet.
- Choose the control level. Select delegated decisions, approval-based recommendations or advice with self-execution.
- Set a risk boundary. Decide how much loss and concentration you can withstand across your entire portfolio.
- Compare like with like. Assess a PMS against a fund or self-directed approach using the same objective, time horizon, diversification target and total-cost basis.
- Verify the provider. Complete the registration, conflict, custody and disciplinary checks before signing.
- Review periodically. Check whether the mandate, holdings, costs and service still match your circumstances; change or terminate it if they do not.
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