Comparative Analysis of Top PMS Houses

Comparative Analysis of Top
Portfolio Management Service Houses
A PROJECT REPORT
Submitted by
Mitul Jain
MMS Finance
M1719018
Batch 2017 - 19
In partial fulfilment for the award of the degree
OF
MASTER IN MANAGEMENT
STUDIES
Under the Guidance of
Page 1 of 56
Akhil Shetty
Asst. Professor
Finance
Page 2 of 56
Certificate of Completion
Declaration
I, Mr. Mitul Jain, hereby declare that this project report is the record of
rd th
authentic work carried out by me during the period from 03 May, 2018 to 30
June, 2018 and has not been submitted to any other University or Institute for
the award of any degree / diploma etc.
Signature:
Name of the student: Mitul Jain
Date: 04/09/2018
Certificate
This is to certify that the project submitted in partial fulfilment for the award of
Master in Management Studies of Thakur Institute of Management Studies and
Research is a result of the bonafide research work carried out by Mitul Jain
under my vision and guidance, not any part of this report has been submitted for
award of any other degree, diploma, fellowship or other similar titles or prizes.
Signature: Signature:
Name of the student: Mitul Jain Mentor: Akhil Shetty
Date: 04/09/2018 Date: 04/09/2018
Signature Signature
Dr. Chitra Gounder I/c Director: Dr. Pankaj Natu
Date: 04/09/2018 Date: 04/09/2018

Acknowledgement:
I would like to express my special thanks of gratitude to who I am highly indebted,

my mentor Mr Mayur Shah, for his guidance and constant supervision. His
encouragement and immense knowledge in this field were key motivators for me
during this project.
I would like to whole heartedly thank Mr Prakash Jain for helping and teaching
with internal marketing which made me better in marketing and interpersonal skills.
His guidance and market knowledge has made me communicate well with the
regional managers and franchisee holders.
I would like to even thank the company, Anand Rathi, for giving me an opportunity
to work with them and letting me complete this project.
My special appreciation to my academic mentor Prof. Akhil Shetty, who guided me

continuously throughout my report. His patience and high experience in this field
helped me a lot while making this report. I cannot think of having a better mentor than
him.
Executive Summary
This report includes the information of Portfolio Management Services (PMS) industry. This
industry is on a constant growth and has given better returns than the benchmark indices and
sometimes even better than the mutual funds.
While making this report, lot of data has been gathered to study in depth of PMS industry.
st
Dated as on 31 December, 2017; I could find out that
 There are 271 registered fund managers in India working on PMS products
 PMS industry’s total size is Rs. 11,92,607.96 crores
 Discretionary PMS services has more amount invested than non-discretionary
services
 Total number of investors are 95391
All the top AMCs have more than 2 schemes which allow the clients to invest according to
their investment horizon, risk appetite and financial goals. These companies have different
ways of portraying their schemes in front of their clients; few of them are unique which has
potential to attract clients and are thus covered in this report. Returns projection (trend &
comparative), scheme presentations, thematic schemes are few ways used by companies to
on-board new clients.
It also includes the classification of themes, the fees charged to the clients, ways of
representation of their respective schemes to attract clients.
Table of Contents
Number Particulars Pg. No.

1. Introduction 8
2. Rationale of the project 9
3. Objectives 9
4. Company Overview 10
5. PMS Industry Overview 13
6. Review of Literature 15
7. Research 17
8. Research Design 19
a. Primary survey 21
b. Secondary survey 31
9. Classification of PMS schemes on 42
the basis of investment strategy
10. Overall Revenue Model 42
11. PMS Scheme Representation For 43
The Investors
12. Recommendations 50
13. Learning Outcomes 51
14. Contribution to the Organisation 52
Introduction
Portfolio management service is a financial service provided to the clients by the

fund manager where the fund manager designs a product to cater the investment
objectives and needs of the clients. The manager focuses on each category of
investor and their investment goals and time horizon. This product can be diversified
into different asset classes or it can even be aggressive by investing in a single type
of asset.
Minimum amount of investment in portfolio management services is Rs. 25 lakhs,

thus limiting it to the HNIs and Ultra HNIs. Prior to this the minimum investment
was Rs. 5 lakhs which was later revised by SEBI.
Gradually there has been an increase in number of fund managers leading to various
new ideas of investment style. These managers have created unique and different
types of PMS schemes which give better returns than the benchmark indices Nifty &
Sensex. PMS is 1 of the solutions where a client can get more returns and meet their
financial goals.
Rationale of the report
India is a country which is developing with gradual increase in number of HNIs and Ultra –
HNIs. These are the potential clients of every fund manager, thus knowing all the possible
top portfolio management service products will be an advantage as it will show us different
styles of investment by fund manager with huge AUM.
The survey & report is made to understand the types of schemes, their fee structure, the way
managers provide help to their relationship management team and most importantly the
points that attract the clients to purchase their products. All these points are covered so that
the team at Anand Rathi can analyse the best options and increase their market share.
Objectives
1. To understand PMS, how this industry works and size of this industry.
2. To know and understand the diversified schemes and their most unique selling points which
make them different and successful.
3. To select the best out of all the shortlisted USPs, so that we can improve our PMS scheme at
Anand Rathi.
Company Overview
History
:
Established in 1994, AnandRathi is one of India’s leading financial services firm offering
Wealth Management, Investment Banking, Corporate Finance & Advisory, Brokerage &
Distribution services in the areas of equities, commodities, mutual funds, structured products,
insurance, corporate deposits, bonds & loans to institutions, corporations, high-net worth
individuals and families.
The firm has a vast footprint across India and also in select international locations such as
Dubai, with presence across 1200 locations through its own branches, sub-brokers and
remises and representative offices/associate companies. The group today employs over 2,500
professionals.
All our offerings are supported by powerful research teams and each unit is clearly positioned
to cater to the most diverse financial needs of our clients.
The Anand Rathi Group is member of the Bombay Stock Exchange (BSE), National Stock
Exchange (NSE), Multi-Commodity Exchange (MCX), National Commodity Exchange
(NCDEX), Central Depository Services Ltd. (CDSL), National Securities Depository Limited
(NSDL) and ARN holder.
Vision:
‘To be a shining example as a leader in innovation & the first choice for clients & employees’
Philosophy:
Entirely client centric with a clear focus on providing long term value addition to clients,
while maintaining the highest standards of excellence, ethics and professionalism. The entire
firm activities are divided across distinct client groups: Individuals, Private Clients,
Corporate and Institutions.
Page 10 of 56
Management:
AnandRathi organization includes highly professional core management team that comprises
of individuals with extensive business as industry experience.
(A) Promoter Group
1. Mr. Anand Rathi – The Founder & Chairman

Chartered Accountant, gold medallist
Former President, BSE.
40+ years of experience
2. Mr. Pradeep Gupta – Co-founder & Vice Chairman

Founded Institutional broking & Investment services
20+ years of experience in financial services
3. Mr. Amit Rathi – Managing Director

Chartered Accountant & MBA from NYU
Plays big role in setting up the Pvt Wealth Management & Investment Banking in
AnandRathi group
11+ years of experience in Financial Services
4. Priti Gupta – Managing Director, Anand Rathi Share and Stock Brokers Ltd.
MBA in finance from NYU
Plays big role in setting up the commodities desk, currency and Forex Advisory
business
5. Supriya Rathi - Director, Anand Rathi Insurance Brokers Pvt Ltd.

MBA in Finance from NYU
12 years of experience in insurance broking
(B) Board Of Directors
1. C D Arha – Director
Former Secretary in the Union Ministry of Mines
Former Special Secretary & Additional Secretary in the Ministry of Coal
Former Resident Chief Information Commissioner — AP (Right to Information Act)
Former Commissioner Civil Supplies (AP)
Page 11 of 56
(C) Management Team
1. Rakesh Rawal - CEO, Private Wealth Management

CEO of Anand Rathi Pvt Wealth Management in the year 2007
Experience of over 30 years across several areas such as Financial Services,
FMCG and Pharma
2. Jugal Mantri - Executive Director & Group CFO

Rank holder Chartered Accountant
18+ years of experience spanning across Corporate Finance, Business
Management, Project Finance and Financial Structuring.
3. Roop Bhootra - Executive Director, Investment Services

Rank holder Chartered Accountant
21+ years of experience in the field of Business Strategy, Sales, Operations,
Accounting and software development
4. Chetan Bharkhada – Executive Director, Commodities & Currencies

20+ years of experience in areas spanning Commodity Markets, Forex and
Derivatives
5. Vishal Laddha - CEO, Institutional Equities

Qualified chartered accountant
20+ years of experience in trading
6. Samir Bahl - CEO, Investment Banking

20+ years of experience in consulting / financial services in the U.S.A. and India
with a significant track record in mid-market Investment Banking
7. K. K. Rao – Executive Director, General Insurance

36 years of rich experience in the General Insurance Industry
Experience is diversified in different lines of business including Health, Property
and Engineering, IT, Marketing and Miscellaneous & more
Services Offered:
1. Investment services - To cater the financial goals of the clients, investment
services are provided where the clients are divided into 2 categories: Privilege &
Preferred. Privilege customers are the customers who goes to the company for
these services as their requirements are pre-determined. Preferred customers are
valued customers to whom the company offers financial planning solution.
a. Broking- Equity, derivatives, commodities, currency futures, forex
advisory
b. Distribution- Life / non-life insurance, MF, deposits, bonds, IPOs etc
c. Others- PMS, structure product, research & advisory, etc.
2. Wealth Management- To give services to the HNIs and Ultra HNIs for
increasing their wealth. This includes- private wealth management and digital
wealth management.
3. Investment Banking- Acted as a house banker for some of the stellar growth
stories in the Mid-Market space. Traditionally, it focused on different groups like
FIG, healthcare, consumer etc.
4. Institutional Equities- It is India’s leading brokerage house which provides
incisive & broad research coverage. Team consists of sales trading & derivatives.
5. Financing- It also acts as NBFC which provides finances. Incorporated since Feb,
1982.
6. Commodity & Currency- A team of professionals who formulates new strategies
related to investment in commodity trading.
PMS Industry Overview
A pre-designed professional service, Portfolio Management Services (PMS), offered to

deliver the investment goals of investors. This service is used by high net worth
individuals(HNI) to create wealth. An investor can choose either of the two services offered:
1. Discretionary – where the fund manager has the authority and can take recommended
decisions on behalf of the clients. Here, a client is not always bothered by the fund
manager before taking decisions, but the decisions are always inclined towards the
investment goals of clients.
2. Non-discretionary – where the fund manager provides advisory services and discusses
the decision to their clients before taking them and then gets those decisions
approved.
st
The whole PMS industry in India is worth Rs. 11, 92,607.96 crores, on 31 December 2017,
as per all the disclosed reports on SEBI’s official website.
st
Till that date (31 December, 2017) –
1. There are 271 registered fund managers.
2. Discretionary PMS –
EQUITY DEBT DERIVATIVES MUTUAL OTHERS

FUNDS
LISTED UNLISTED PLAIN STRUCTURED
97369.69 608.36 978857.66 304.9 262.33 9184.12 18177.4
The above total of discretionary PMS comes to Rs. 11,047,749.5 crores.
3. Non-discretionary PMS –
EQUITY DEBT DERIVATIVE MUTUAL OTHER

S FUNDS S
16205.35 46.64 60777.9 471.14 0 9669.56 688.37
The above total of non-discretionary PMS comes to Rs. 87858.46 crores.
4. Total number of investors –

a. Discretionary PMS: 90113
b. Non-discretionary PMS: 5278
5. The parameter selected to select top fund managers: Equity – listed.
6. Based on the above parameter, we shortlisted a few top companies:
a) QUANTUM ADVISORS PVT.LTD.

b) ENAM ASSET MANAGEMENT CO.PVT.LTD
c) MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED
d) ALCHEMY CAPITAL MANAGEMENT PRIVATE LTD
e) BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED
f) KARMA CAPITAL ADVISORS PVT. LTD.
g) KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LTD
h) ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD
i) UNIFI CAPITAL PRIVATE LIMITED
j) QUEST INVESTMENT ADVISORS PVT. LTD.
k) EQUITY INTELLIGENCE INDIA PVT. LTD.
l) NEW HORIZON WEALTH MANAGEMENT PRIVATE LIMITED
m) OLD BRIDGE CAPITAL MANAGEMENT PVT. LTD
n) BANYAN TREE ADVISORS PRIVATE LIMITED
o) AEQUITAS INVESTMENT CONSULTANCY PRIVATE LIMITED
p) SUNDARAM ASSET MANAGEMENT COMPANY LTD.
q) BELLWETHER CAPITAL PRIVATE LIMITED
r) RELIANCE WEALTH MANAGEMENT LIMITED
s) HDFC ASSET MANAGEMENT COMPANY LTD
t) FOREFRONT CAPITAL MANAGEMENT PRIVATE LIMITED
u) VALUEQUEST INVESTMENT ADVISORS PVT. LTD.
v) INVESCO ASSET MANAGEMENT (INDIA) PRIVATE LIMITED
w) CENTRUM BROKING LIMITED
x) JM FINANCIAL SERVICES LTD
y) INDIA INFOLINE ASSET MANAGEMENT COMPANY LIMITED
z) RELIANCE CAPITAL ASSET MANAGEMENT LTD
Review of Literature
Paper 1
Dhar, Sujoy, Portfolio Management Strategies: Its Importance and Challenges under the
Changed Circumstances (May 19, 2013). UGC Sponsored State Level Seminar on ‘Changing
World of Finance’ organized by the Department of Commerce, Serampore College in
collaboration with the Institute of Cost and Works Accountants of India,15th May 2013.
ABSTRACT:
The objective of this paper is to analyse the impact of the different macroeconomic
indicators, selection of different portfolio models and selecting best of them, valuation and
their rebalancing and risk and returns. The methodology and the data used for the paper is
secondary data available from national and international journals about commonly used
portfolio management strategies. A critical analysis of different risks involved for investors is
done in the paper.
Paper 2
Samarakoon, Lalith P. and Hasan, Tanweer, Portfolio Performance Evaluation (2015). THE
ENCYCLOPEDIA OF FINANCE, C.F. Lee, ed., Springer, pp. 617-622, 2015
ABSTRACT:
The objective was to find the performance of the portfolio and compare it with the equivalent
benchmark, this portfolio is managed. There are 2 most used types of performance evaluation
methods viz. conventional and risk-adjusted. The risk-adjusted methods adjust returns taking
into account various risks. The most used methods are Sharps ratio, Jensen alpha, Treynor
ratio, Modiglani and miller, Treynor squared. Risk-adjusted methods are preferred over
conventional methods as it provides a better result.
Paper 3
George O. Aragon and Wayne E. Ferson (2007), "Portfolio Performance Evaluation",

Foundations and Trends® in Finance: Vol. 2: No. 2, pp 83-190
ABSTRACT:
This paper gives idea of the methods of measuring performance. Conventional performance
measures, strongly influenced by the Capital Asset Pricing Model of Sharpe (1964) (CAPM
or Sharp model), were developed prior to 1990. In this paper some of the problems and
limitations associated with conventional methods are discussed. After that review of more
recent conditional performance evaluation techniques is done, which are designed to allow
for the expected risk and return that may vary over time, and thus overcoming one of the
measure shortcomings of the conventional methods.
Paper 4
Mark Grinblatt, Sheridan Titman; Portfolio Performance Evaluation: Old Issues and New
Insights, The Review of Financial Studies, Volume 2, Issue 3, 1 July 1989, Pages 393–421
ABSTRACT:
This paper provides a model that offers insights about various measures of portfolio
performance. The model takes into account various shortcomings of these measures which
includes problem of identifying appropriate benchmark portfolio, the possibility of over-
estimating risk and trying to avoid total risk which affects the returns to the investors. The
paper states that these are not the serious problems faced in performance evaluation of the
portfolio.
Research
We had to eliminate the following companies as their client base was low compared to other
top companies. Their client base being low meant that these companies weren’t focusing
much on increasing their market share and were just managing money of their few HNI and
FII clients.
The companies which are eliminated:
1. QUANTUM ADVISORS PVT.LTD.

Number of clients – 13
Total Discretionary AUM – Rs. 17430.25 Cr
Average ticket size – Rs. 1227.47 Cr
2. KARMA CAPITAL ADVISORS PVT. LTD.

Number of clients – 43
3. NEW HORIZON WEALTH MANAGEMENT PRIVATE LIMITED

Number of clients - 22
4. AEQUITAS INVESTMENT CONSULTANCY PRIVATE LIMITED

Number of clients - 25
Top 10 Players On The Basis Of Selected Parameter
a) ENAM ASSET MANAGEMENT CO.PVT.LTD

b) MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED
c) ALCHEMY CAPITAL MANAGEMENT PRIVATE LTD
d) BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED
e) KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LTD
f) ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD
g) UNIFI CAPITAL PRIVATE LIMITED
h) QUEST INVESTMENT ADVISORS PVT. LTD.
i) EQUITY INTELLIGENCE INDIA PVT. LTD.
j) OLD BRIDGE CAPITAL MANAGEMENT PVT. LTD
k) BANYAN TREE ADVISORS PRIVATE LIMITED
Research Design
Procedure:
Following is the procedure we followed to get the data and compile it so that a comparative
analysis can be done.
1. Read the legal document on PMS which was found in the SEBI website.
2. Extracted names of all the registered fund managers from the SEBI website.
3. Alphabetically, extracted the AUM of each fund manager registered under SEBI. This
st
data was found in their monthly report submitted to SEBI, dated as on 31 December,
2017.
4. All the following data was then compiled to an excel sheet:
Name of fund managers,
Their contact details,
Registered H.O
Investors per fund manager,
Average ticket size per investor,
AUM under discretionary PMS &
AUM under non-discretionary PMS
5. Selected the parameter: Equity – listed, under the guidance of my mentor (fund
manager) as we wanted to focus on this parameter.
6. Filtered and sorted the data on the basis of the parameter and selected the top PMS
houses.
7. We had to eliminate a few top PMS houses as their investors were less and by this we
could reason out that they are just focusing on these selective clients and are not much
keen on increasing their market share.
8. After shortlisting the top PMS houses:
a. We went through their websites to gather disclosure documents, presentations and
any other fact sheets provided by them related to PMS and PMS schemes.
b. Made an excel file to input all the PMS schemes of all top PMS houses. This file
includes:
Name of company
Name of schemes
Investment objectives
Investment strategy
Number of stocks per scheme
Market capitalization
Theme (if any)
Investment horizon
Benchmark (like Nifty 50, CNX index etc.)
Fees – AMC, upfront, brokerage, others.
c. Made a questionnaire which was used while contacting the top PMS houses to do
primary survey. This survey helped us to gather the undisclosed information.
9. Studied the schemes of top PMS houses and selected the unique and differentiating
schemes.
10. After selecting the unique schemes, I made recommendations based on those
schemes.
Page 20 of 56
Sources of Data:
Primary source: Questionnaire.
Secondary source: Data published on SEBI website; disclosure documents, presentations &
reports attached in each company’s website which was surveyed upon.
Primary Survey:
The following is the questionnaire prepared to survey and understands about this industry by
the professionals themselves. This was sent to few of the companies where I could reach to
either the fund manager or someone from his / her team.
Selective questions remained unanswered by selective companies as they felt that it would
result to leak of confidential data.
Questionnaire
* Required
1. Name of the company *
2. What are the third party products that your company offers?
*Check all that apply.
Mutual
fund PMS
Alternative investment
fund Insurance
Other:
3. What are the PMS schemes offered by your company? *
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4. What are the fees charged? *Check all that apply.
AMC
Upfront
Brokerage
Exit load
Set up cost
Custodian
Account opening & maintenance
Other:
5. Is the fee structure & percent fixed for all clients?

*Mark only one oval.
Yes
No
6. What is the fee charging pattern? *Mark only one oval.
Monthly
Quarterly
Annually
Other:
7. Do you contact your client before doing any transactions?

*Mark only one oval.
Yes
No
Sometimes
8. What is your trading mechanism? *Check all

that apply.
Pool based
Individual account basis
9. How do they review & monitor the transactions in their account?
Check all that apply.
Mobile
app
Website
10.What is the frequency of account statements sent to the clients?

*Check all that apply.
Weekly
Half
monthly
Monthly
Quarterly
11.Turnover ratio of portfolio products?
12.Which of the following factors encourages the clients to buy your

products? *Check all that apply.
Returns (1 - 5)
High conviction ideas (1 - 5)
Client relation (1 - 5)
Fee structure (1 - 5)
13.What kind of marketing support do you get from your H.O. for
PMS products - at Branch level? *
Brochures
Presentations
Fact sheet
Training to sales person
Conference calls from fund managers
14.What kind of marketing support do you get from your H.O. for
PMS products - at Franchise level? *
Brochures
Presentations
Fact sheet
Training to sales person
Conference calls from fund managers
15.What is the frequency of support from H.O.? *Check all that apply.
Weekly
Monthly
Quarterly
16.Do you have targets for AUM, Revenue & PMS? If yes, what kind of
targets? *
17.How do you push your products? *
18.How much revenue do you generate after selling PMS?

(please mention the percent in others) *
Upfront
Trail basis
Other:
Responses
The responses to the above questionnaire is limited to few select companies which are
not necessarily of top 10 as connecting with all these companies and their fund
managers was not happening that easily.
Some fund managers and their team took interest in this questionnaire thus leading to the
answers of the questions in regards to their own company.
Few selective questions by selective companies remained unanswered as they felt it
would lead breach of the confidential data and even I could not push them on providing
the data.
There are 2 banks as well in the survey to understand in what way rest of the PMS
products are being presented, pushed and sold to increase their AUM. This gives a small
idea on how collaborating with banks can also increase the AUM of fund managers.
Data from primary sources: Below are the answers to the above questionnaire.
All the answers are provided by the employees of the respective companies.
Set 1
1 Name of the company INDIA INFOLINE Old Bridge Capital
2 What are the third party products that Mutual fund, PMS, Alternative
your company offers? investment fund, Insurance,
MLD, FD ,BONDS,NCDS ETC PMS, Alternative investment fund
3 What are the PMS schemes offered
by your company? HEDGING FUND All Cap and Vantage
4 What are the fees charged? AMC, Upfront, Brokerage, Exit
load, Set up cost, Custodian,
Account opening & maintenance Management Fees
5 Is the fee structure & percent fixed
for all clients? No Yes
6 What is the fee charging pattern?
Monthly Monthly
7 Do you contact your client before
doing any transactions? Yes No
8
Pool based, Individual account
What is your trading mechanism? Individual account basis basis
9 How do they review & monitor the
transactions in their account? Website Website
10 What is the frequency of account
statements sent to the clients? Monthly, Quarterly Monthly
11 Turnover ratio of portfolio products?
NA 0.2
12 Which of the following factors Returns
encourages the clients to buy your High conviction ideas
products? Client relation High conviction ideas
13 What kind of marketing support do Brochures, Presentations, Fact
you get from your H.O. for PMS sheet, Training to sales person,
Conference calls from fund Presentations, Conference calls
products - at Branch level? managers from fund managers
14 What kind of marketing support do Brochures, Presentations, Fact
you get from your H.O. for PMS sheet, Training to sales person,
Conference calls from fund Presentations, Conference calls
products - at Franchise level? managers from fund managers
15 What is the frequency of support
from H.O.?
Weekly Quarterly
16 Do you have targets for AUM,
Revenue & PMS? If yes, what kind
of targets? YES Not Applicable
17 How do you push your products?
NA We don't push products
18 How much revenue do you generate
after selling PMS? (please mention
the percent in others) Upfront, Trail basis Not applicable
Set 2
1 Name of the company Quest

Investment Axis Bank
2 What are the third party products that Advisors
your company offers? Mutual fund, PMS, Alternative
PMS investment fund, Insurance
3 What are the PMS schemes offered by Discretionary
your company? 1. In house - Axis PMS- Brand
Equity Portfolio
2. MotilalOswal- Next Trillion
Dollar Opportunity Portfolio
3. ASK- India Select Portfolio
Flagship portfolio, 4. ENAM- IDEA Portfolio
Focus portfolio, Non-Discretionary
Focused Infra 1. Vision 2020- Axis securities
load, Set up cost, Custodian,
Set up cost Account opening & maintenance
5 Is the fee structure & percent fixed for
all clients? No Yes
Annually Monthly or quarterly
7 Do you contact your client before doing
any transactions? Yes Yes
8
What is your trading mechanism? Individual account basis Pool based
statements sent to the clients? Monthly Monthly
0 0
12 Which of the following factors Returns High
encourages the clients to buy your High conviction ideas conviction ideas Client relation
products? Client relation Fee structure
13 What kind of marketing support do you Brochures, Presentations, Fact
get from your H.O. for PMS products - Brochures, Presentations, sheet, Training to sales person,
Fact sheet, Conference calls Conference calls from fund
at Branch level? from fund managers managers
14 What kind of marketing support do you Brochures, Presentations, Fact
get from your H.O. for PMS products - sheet, Training to sales person,
Brochures, Presentations, Conference calls from fund
at Franchise level? Fact sheet managers
15 What is the frequency of support from
H.O.?
Monthly Monthly
16 Do you have targets for AUM ,
Revenue & PMS? If yes, what kind of
targets? Yes No
By maintaining relationship no response
after selling PMS? (please mention the
percent in others) Upfront upfront and trail
Set
3
1 Name of the company

ICICI Prudential AMC Yes Bank
2 What are the third party products that
your company offers? Mutual fund, PMS, Alternative Mutual fund, PMS, Alternative
investment fund investment fund, Insurance
3 What are the PMS schemes offered Flexi Cap; Infrastructure Value strategy; Next Trillion Dollar
by your company? portfolio; Wellness portfolio ; Opportunity; India Opportunities
Multi-manager PMS Portfolio Strategy (MOSt PMS)
4 What are the fees charged? AMC, Upfront, Exit load, Set up AMC, Brokerage, Exit load, Set
cost, Custodian, Account up cost, Custodian, Account
opening & maintenance opening & maintenance
for all clients? Yes Yes
Quarterly Quarterly
doing any transactions? No No
8
What is your trading mechanism? Pool based Pool based
0.2 0
12 Which of the following factors
encourages the clients to buy your Returns; High conviction ideas Returns;High conviction ideas;
products? Client relation ; Fee structure Client relation; Fee structure
13 What kind of marketing support do Brochures, Presentations, Fact Brochures, Presentations, Fact
you get from your H.O. for PMS sheet, Training to sales person, sheet, Training to sales person,
Conference calls from fund Conference calls from fund
products - at Branch level? managers managers
products - at Franchise level? managers managers
from H.O.? Quarterly Weekly
Revenue & PMS? If yes, what kind YES 2500 crore Pan India 1
of targets? year Yes
Word of mouth, tie-ups with trust, past performance and
other firms and banks returns, client relations
after selling PMS? (please mention
the percent in others) Trail basis Can't disclose
Set 4
1 Name of the company

Aditya Birla HDFC AMC
2 What are the third party products that
your company offers? Mutual fund, PMS, Alternative Mutual fund, PMS, Alternative
investment fund investment fund, Insurance
3 What are the PMS schemes offered ASK PMS
by your company? 1. Motilaloswal PMS schemes ICICI- Flexi cap PMS
2. Kotak SSV Portfolio Aditya Birla India Opportunity
load, Set up cost All types of charges
for all clients? Yes Yes
Monthly or quarterly Monthly
doing any transactions? No No
8
What is your trading mechanism? Pool based Pool based
30% annually 0.2
12 Which of the following factors
encourages the clients to buy your Returns; High conviction ideas; Returns; Client relation; Fee
products? Client relation; Fee structure structure
products - at Branch level? managers managers
products - at Franchise level? managers managers
from H.O.?
Weekly Quarterly
Revenue & PMS? If yes, what kind
of targets? No yes
AMCs push the products and
research team for approval active-equity holdings and clients
after selling PMS? (please mention upfront or trail depending on the
the percent in others) Upfront company
Page 30 of 56
Data from secondary sources: Disclosure documents and presentations were
downloaded from the respective websites of the companies.
The data given below are from the same above sources:
1. ENAM ASSET MANAGEMENT CO.PVT.LTD:
INVESTORS EQUITY DEBT DERIVATIVES MUTUAL OTHERS

FUNDS
569 15846.32 0 0 0 0 143.57 119.86
Total amount – Rs.16109.75
Unique scheme of this company:
SCHEME
Enam India Diversified Equity Advantage (EIDEA) Portfolio
Investment objective Deliver strong absolute performance over a 2-3

year window beating the benchmark and peers
Investment strategy Actively managed, long-term, combining top-down economic research with
bottom-up analysis of fundamentals
Fees AMC – 2.50%
Page 31 of 56
2. MOTILAL OSWAL ASSET MANAGEMENT COMPANY LIMITED

FUNDS
32758 14822.06 0 0 0 0 0 0
Unique schemes of this company:
SCHEME
Plus Strategy MotilalOswalMOSt India Invest Opportunity
Allocation Portfolio Strategy Portfolio Strategy V2
(MAPS)
Investment To deliver returns which are To offer optimizing asset The aim of this strategy is to
objective superior by investing in less allocation portfolios by give better returns by investing
recognized and/or investing in various asset in stocks from sectors that can
undervalued stocks which classes like equity, bonds, benefit from India's emerging
are part of the India derivatives, all category businesses.
growth opportunity mutual fund schemes
including options available
for methodologies to
determine asset allocation
broadly fall under 3
categories.
Investment Fundamental stock selection Determinant 1 :based on “Buy & Hold” strategy – Focus
strategy and Buy & Hold Fundamental readings on Sectors and
philosophy. Investment of parameters like P/E, P/BV, Companies which promise a
Philosophy Dividend Yield higher than average
: Value + GARP Determinant 2 : based on growth – Concentration on
quantitative techniques emerging Themes
Determinant 3 : based on risk
profile of clients
Fees:
AMC Up to 10% Up to 10% Up to 10%
Upfront Up to 10% Up to 10% Up to 10%
Brokerage Max 2.5% of contract Max 2.5% of contract Max 2.5% of contract
Others Exit loads up to 20% Exit loads up to 20% Exit loads up to 20%
custodian fees up to 1% custodian fees up to 1% fund custodian fees up to 1% fund
fund accounting charges up accounting charges up to 1% accounting charges up to 1%
to 1%
3. ALCHEMY CAPITAL MANAGEMENT PRIVATE LTD

FUNDS
3786 4198.52 0.02 0 0 0 8.16 440.23
Unique schemes of this company:
SCHEME
Alchemy High Growth – Select Stock Alchemy Leaders
Investment objective The strategy aims for long term returns The strategy aims at generating long-
by investing in equities across market term returns by investing in Large-Cap
capitalizations, with a mid cap bias and companies
concentrated portfolio.
Investment strategy A combination of both top-down and Aims to invest in companies with
bottom-up fundamental research, is used market capitalization > Rs. 5000 crores.
to identify and invest in growth The philosophy behind this is to invest
companies which will enable long term in growth companies which have
wealth creation. achieved scale and have either reached
or have potential to be amongst the
leaders in their field/industry segments.
Fees - -
4. BIRLA SUN LIFE ASSET MANAGEMENT COMPANY LIMITED

FUNDS
6559 3301.37 0 323.51 0 0 31.83 199.23
SCHEME
CUSTOMISED DEBT INDIA REFORM CUSTOMIZED EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
Investment To define the terms of portfolio Portfolio objective is to This shall describe the key
objective management based on the risk generate long-term capital feature / theme of each
profile and return expectations. appreciation and reasonable portfolio launched under the
Potentially each investor under income in the form of Customized Equity Portfolio.
this product could have unique dividends by investing in To be mutually agreed upon by
terms of portfolio management. equity and equity related the portfolio manager and the
securities. client. For example, Capital
Growth, Income generation,
Large Cap bias, Dividend
Yield Focused.
Investment It would include level of The Portfolio seeks to invest in The investment strategy would
strategy dynamism in portfolio sectors and stocks that are clearly be guided by how the
management (buy and hold v/s likely to benefit from the client wishes his/her/its
active management), credit reforms undertaken by the portfolio to be customized with
selection, mix of bonds & G. Government. what return/income expectation
Sec, mix of short & long term The investment strategy and therefore, the Portfolio
securities. would be a blend of Top Down Manager would be quite
and Bottom Up strategies. The flexible in their investment
Top Down strategy would be approach
employed to select sectors
while the Bottom Up strategy
would be used to select the best
quality companies within the
chosen sectors
Fees
AMC 2.5% 2.5% 2.5%
Upfront Up to 1.50% for investment Up to 1.50% for investment Up to 1.50% for investment
amount up to Rs. 50 lacs and amount up to Rs. 50 lacs and amount up to Rs. 50 lacs and
1.00% for investment amount 1.00% for investment amount 1.00% for investment amount
more than Rs. 50 lacs more than Rs. 50 lacs more than Rs. 50 lacs
Brokerage Up to 0.12% of trade value Up to 0.12% of trade value Up to 0.12% of trade value
Others Fund accounting fees Fund accounting fees Fund accounting fees
Up to Rs. 9,000 p.a. Up to Rs. 9,000 p.a. Up to Rs. 9,000 p.a.
Exit load 3% before completion Exit load 3% before Exit load 3% before
of 1 year completion of 1 year completion of 1 year
of 2 years completion of 2 years completion of 2 years
of 3 years completion of 3 years completion of 3 years
A/C opening charges Rs 1500 A/C opening charges Rs 1500 A/C opening charges Rs 1500
p.a p.a p.a
A/C maintenance charges A/C maintenance charges A/C maintenance charges
Rs 2000 p.a Rs 2000 p.a Rs 2000 p.a

5. KOTAK MAHINDRA ASSET MANAGEMENT COMPANY LTD

FUNDS
5006 2869.96 0 0 0 0 437.35 190.52
SCHEME
Small and Mid-Cap Equity Strategy
Investment objective The main objective of the strategy is to generate capital appreciation through
investments in equities with a medium to long-term perspective
Investment strategy In this, the strategy will be to invest in all listed equity and equity related
instruments with emphasis on capturing absolute returns by investing in 10-25
stocks with market capitalization of Rs 200-5000 crores. Bottom-up Agnostic to
business segment.
Fees
AMC 2.50%
Others Exit Load: 3% (1st Year)
2% (2nd Year)
1% (3rd Year)
6. ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY LTD

FUNDS
6567 2480.48 192.45 699.46 0 0 536.52 137.66
SCHEME
PIPE portfolio Infrastructure Portfolio Absolute Return Portfolio
Investment Focuses on providing capital Aims on long-term capital A focused equity portfolio
objective appreciation over long-term and appreciation and generate that endeavours to achieve
generate returns by taking returns by investing in all long term capital appreciation
meaningful stake in companies important segments related to through equities by riding the
enjoying some economic Infrastructure sector. On a dominant themes across
situations or undergoing special defensive side, the portfolio market cycles.
situations or in the midst of may invest in debt and money
unfavourable business cycle. market instruments.
Typically, these companies are
smaller & have the potential to
become large because of
various dynamics like
upcoming business line, quality
management, etc.
Investment For defensive consideration This scheme seeks to invest in
strategy while waiting for expected core infrastructure sector and
investment opportunities or to the sectors that directly feed
meet the liquidity requirements off the growth in the core
from time to time, the Portfolio sector. The investment strategy
may invest in debt and money follows a mix of a top-down
market instruments. Money and a bottom-up approach.
Market, Debt and Cash in the Equity and equity related
range of 0-35% through debt instruments to the tune of 65 -
and money market mutual fund 100%.
scheme/s of ICICI Prudential
Mutual Fund for temporary
investment purpose.
Fees - - -
7. UNIFI CAPITAL PRIVATE LIMITED

FUNDS
2278 2345.98 0 106.87 0 0.03 213.72 203.96
SCHEME
Deep Value at Discount (DVD) Spin Off – New Event Arbitrage Strategy
Investment The Fund aims to get above-average The fund aims to achieve The fund aims to achieve
objective returns with below-average risk. The superior risk adjusted returns stable absolute returns that are
market’s current focus is on short- relative to market indices by consistently superior to
term issues rather than on a long- investing in stocks of companies conventional fixed income
term structural shift. The Fund aims undergoing Spin-offs to gain instruments by identification
to double investors’ capital in 36 from the information asymmetry and quick execution of low
months or less. linked value-price mismatch, by risk – moderate gain event
closely tracking the entire Spin- arbitrage opportunities arising
Off process and investing in in the equity markets from
such companies after a detailed time to time.
review of their fundamentals.
Investment The Fund concentrates on exploiting Spinning off an unrelated The core investment strategy is
strategy inefficiencies in the market. Market business or a business with a to exploit corporate event
inefficiencies typically arise in the distinctly and vastly different arbitrage opportunities in the
following situations: Over-reaction growth profile is key to realizing listed capital markets that
to a short-term negative event, a the right value for the respective inherently have limited
poor earnings report. A sector that is business, and is in the long term correlation to economic cycles
currently temporarily depressed. interest of its key stake holders. and market volatility. These
Widespread market dislocation The Unifi Spin Off Fund seeks opportunities are driven by
driven by a geo-political/economic to identify such opportunities corporate events like mergers,
shock. where the sum of the parts is acquisitions, delisting and
greater than the whole and buyback of shares through a
invest in such parts to unlock “tender offer”.
value that was hitherto lost in a
conglomerate’s consolidated set
of books.
Fees - - -
8. QUEST INVESTMENT ADVISORS PVT. LTD.

FUNDS
1101 2243.88 0 0 0 0 0.54 125.41
SCHEME
QUESTPMS Flagship Portfolio QUESTPMS Focus Portfolio
Investment Identify under research, ignored and/or turn Identify under research, ignored and/or turn
objective around stories whose intrinsic / fair value is not around stories whose intrinsic / fair value is
yet reflected in the market price. To look not yet reflected in the market price. Look for
towards fundamentally sound companies that fundamentally sound companies that are
are coming out of slow growth phase vs. their coming out of slow growth phase vs. their
long period averages and are moving into much long period averages and are moving into
higher growth trajectory. Construct reasonably much higher growth trajectory. Construct
concentrated portfolio and nurture the reasonably concentrated portfolio and nurture
investment as a pvt equity investor over 3 to 5 the investment as a private equity investor
years. over 3 to 5 years.
Investment Bottom-up approach of investing. Invest in Invest in high conviction ideas, with limited
strategy high conviction ideas that are likely to witness downside but huge upside. Private equity
growth in revenues and may also benefit from approach to investing in growth stock.
re-rating of stocks over a period of 3 to 5 years.
Fees - -
9. EQUITY INTELLIGENCE INDIA PVT. LTD.

FUNDS
1813 1717.87 0 0 0 0 0 0
SCHEME
(Only 1 scheme; no name given)
Investment objective Broadly the strategy is to acquire equities of strong and profitable businesses run by
smart and credible
managements at market prices well below its intrinsic worth.
Investment strategy Besides searching for values in marketplace, using market intelligence and feedback
network to constantly search for "Catalysts" and "Red Flags" to buy and sell stocks.
Fees
Fixed management fee 2% p.a. charged quarterly @.5% on avg NAV
Performance fee 10% share of returns above 10% p.a.
Page 40 of 56
10. OLD BRIDGE CAPITAL MANAGEMENT PVT. LTD

FUNDS
651 1653.16 0 0 0 0 41.44 47.44
SCHEME
All Cap Strategy Thematic Portfolio
Investment objective The objective of this scheme is to align to The objective of this scheme is to align to the
the segments of the economy that are fastest growing part of the economy/ industry
emerging and companies that have / sub-sector and pick businesses that benefit
characteristics which make them the from the increased cash flow in the system. In
dominant participants in their industry. most cases the drivers are a change in the
macros of the industry aided by valuations in
the segment being low.
Investment strategy This is a buy and hold strategy with a low The portfolio will be constructed by selecting
churn. Low debt and high capital efficient companies to create an entire ecosystem
businesses are some of the financial and/or value chain around the specific sector/
parameters that form the key selection theme.
criteria of companies in this strategy.
Fees
AMC 2.5% 2.5%
Others Exit load 3% for 18 months Exit load 3% for 18 months
Page 41 of 56
11.BANYAN TREE ADVISORS PRIVATE LIMITED

FUNDS
826 1253.8 0 0 0 0 1 48.1
SCHEME
(Only 1 scheme; no name given)
Investment objective Invest in highly profitable, cash rich, dividend paying companies that are
available at reasonable discounts to their intrinsic value but not limited to those
only if alternative opportunities are attractive.
Investment strategy Investments would be primarily made in listed equities. The strategy is to create
a diversified portfolio by investing excess funds in bank deposits or money
market/ bond mutual funds.
Fees:
AMC 5%
Brokerage Custodian fees of 0.05% and 0.02% of individual transaction value
0.12% of the transaction
Classification of PMS schemes on the basis of investment strategy
After going through all the PMS schemes we found out that the strategy of investing is
divided in two:
1. Generic method of investing – This method includes all the mainstream ways of
investing in to the market.
2. Thematic method of investing – This method includes an unique way of investing
which is different from the rest. These invest in selective themes.
Generic method Thematic method

Small cap Banking and financial services
Mid cap Infrastructure
Large cap Pharmacy sector
Multi cap Rural sector of India
Overall Revenue Model
We found out that the PMS houses pay either of the two following commission type to push
their PMS schemes in front of their potential clients.
1. Upfront basis: This is the type of commission paid in one go. If a salesperson is given
upfront commission then he/she may not get commission on the same for next 3
years. E.g.: 5% commission paid just after selling the PMS scheme and no
commission will be given for next 3 years on the same sales.
2. Trail basis: This is the type of commission paid to the salesperson on a yearly basis.
Here the salesperson gets paid yearly till the client holds his money in the scheme.
E.g.: 1.5% commission paid yearly till the client is with that company.
A salesperson and the fund manager mutually decide on the selection of commission type, it
is flexible but also depends on the fees charged to the clients by the same salesperson. If the
salesperson can pitch for an upfront fee then he is eligible for the upfront commission as well.
PMS Scheme Representation For The Investors
These are some snapshots taken from the presentations and reports from few of the
companies. Reasons for taking snapshots-
1. Get the graphical ideas which are catchy to the clients

2. The way of presenting and marketing the PMS product
3. Possible ways to grab potential clients attention and get them onboard
Page 50 of 56
Page 50 of 56
Recommendations
After going through all the top PMS schemes in the industry and looking at the current
market scenario these are the few recommendations I would like to suggest to the company
Anand Rathi:
1. Digital marketing: One of the most preferred marketing type used in current time.
While surveying and even on a daily basis I could find ads of companies like Motilal
Oswal, Sharekhan, HDFC, etc on social media, which helps them to promote
themselves and their products. This is cost effective and reaches a wide number of
potential clients. Like putting up ads in LinkedIn, Moneycontrol, websites of Demat
companies where they themselves don’t sell their own PMS product.
2. Co-branding: To tie up with companies who can market our PMS schemes and sell
them to the potential clients. This also increases brand equity of the companies. These
companies will help to increase our market share and even if they are unable to sell at
least this will increase awareness amongst the investors. This awareness can lead to
new clients by word of mouth.
3. Check digital footprint: At times the competitors post negative reviews on the
internet to degrade the reputation of that company. So one should keep checking if
there are bad reviews or comments on the internet and counter them with facts and
correct data.
4. Come up with special situations funds: This can include

- Investing in businesses with strong entry barriers
- Investing in businesses which underperforming or undervalued.
- Banking sector, because currently it is facing a lot of issues which has devalued
their market share, but over a period of time this will recover and growth is going to
happen for sure.
5. Create a Hybrid fund: As the current market is volatile and the upcoming scenarios
are going to keep the market this way, it is better to come up with a fund which
includes one part of the fund invested in debt market and rest to be invested in the
undervalued stocks.
Page 51 of 56
Learning Outcomes
Interning at Anand Rathi has been a great experience, where the interns were treated equally
compared to their employees, the working environment was good and there was much to
learn. Two months being a short duration did not create a limitation in learning. Following
are the things that I have learned and improved -
1. Data collection: During the internship there was a lot of data collection involved as
we had to get the information on the PMS industry; all fund managers, the top PMS
houses and their schemes. I have never before worked with so much of data, this over
a period of time taught me on how to get data fast and how to manage data in excel
files.
2. Inter-personal skills: As I had to market the company’s PMS scheme internally, it
helped me to improve the way I communicated and responded to the questions asked
by them. While talking to ROs, branch managers etc., one has to be careful, so I
learned on how to talk and convey my message to them properly with less usage of
time and words.
3. Themes: Learned about regular and new ways of PMS schemes and how they were
created. This included learning the themes of schemes and how well they were
diversified. There are themes like – rural, financial, manufacturing, etc, currently in
the market and there are chances of more new themes coming in the market.
4. Handling people: While handling the logistics department, I learned how to handle
people who do odd jobs. There was an office boy and peon provided to me to dispatch
the booklets, so it was tough to explain and get them work but it was done in 2 days,
which is less than expected.
5. Voice-over narration: Recording for presentation videos was tough and took a lot of
re-dos. All this helped me to find different ways of recording and making the audio
clear and audible. It helped me by increasing my patience level, reduced my hesitation
and developed confidence after finishing and getting approval of first video.
Contribution to the Organization
The duration of internship was mere 2 months, thus limiting my contribution towards the
organization. But still there was partial contribution from my side:
 Gathering data of: total registered fund managers in India; AUM of each fund
manager; industry size of PMS; top PMS houses and all of their schemes; filtering all
the schemes to unique schemes. The managers will use all this data to check where
they are lacking and the areas that can be improved instantly. They will take ideas
from the unique thematic PMS schemes to design their new schemes.
 Did a voice over narration for a presentation video on 1 of the latest PMS scheme
(MNC PMS) introduced by AnandRathi’s fund managers. This video will be
presented in front of the clients in all seminars, conferences and will be used by the
sales team while pitching for the MNC PMS scheme. This video has been circulated
from top to bottom levels of management.
 Internal marketing: As I was interning at the Head Office, all the information had to
be circulated from here to rest of the branches. I was given a task to promote their
internal PMS scheme and had to make calls to the regional offices, dealers and
franchisee holders.
 Logistics: Handled the logistics department of fund managers where they had to
convert their presentation into booklets and then dispatch it all over India. Here I had
to apportion and circulate all the booklets across India to the ROs, franchisee holders,
dealers and other branches, as per their requirement.
Conclusion
As 65% of the population is below 35 years of age, this shows that there is a lot of
potential in this industry to grow. Gradually there will be an increase in HNIs and
ultra HNIs which will lead to more investment in this industry. Fund managers are
continuously focusing on innovation in schemes and also on reducing their cost so that
the overall revenue increases. The whole industry can grow at a large scale but will
take a few years as there is lack of awareness and even the percent of HNIs will
increase by then.
References
https://www.enamamc.com
https://www.motilaloswalmf.com
http://alchemycapital.com
https://mutualfund.adityabirlacapital.com
https://assetmanagement.kotak.com/msitekotakhome
https://www.icicipruamc.com
https://www.unificap.com
http://questinvest.com
http://www.equityintelligence.com
http://www.oldbridgecapital.com/#/home
https://banyantreeadvisors.com
https://www.rathi.com/our-firm
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId
=33
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doPmr=yes

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Comparative Analysis of Top

Portfolio Management Service Houses

In partial fulfilment for the award of the degree

Under the Guidance of

Name of the student: Mitul Jain

Name of the student: Mitul Jain Mentor: Akhil Shetty

Date: 04/09/2018 Date: 04/09/2018

Dr. Chitra Gounder I/c Director: Dr. Pankaj Natu

Date: 04/09/2018 Date: 04/09/2018

I would like to express my special thanks of gratitude to who I am highly indebted,

My special appreciation to my academic mentor Prof. Akhil Shetty, who guided me

Number Particulars Pg. No.

Portfolio management service is a financial service provided to the clients by the

Minimum amount of investment in portfolio management services is Rs. 25 lakhs,

(A) Promoter Group

1. Mr. Anand Rathi – The Founder & Chairman

2. Mr. Pradeep Gupta – Co-founder & Vice Chairman

3. Mr. Amit Rathi – Managing Director

5. Supriya Rathi - Director, Anand Rathi Insurance Brokers Pvt Ltd.

(B) Board Of Directors

1. Rakesh Rawal - CEO, Private Wealth Management

2. Jugal Mantri - Executive Director & Group CFO

3. Roop Bhootra - Executive Director, Investment Services

4. Chetan Bharkhada – Executive Director, Commodities & Currencies

5. Vishal Laddha - CEO, Institutional Equities

6. Samir Bahl - CEO, Investment Banking

7. K. K. Rao – Executive Director, General Insurance

A pre-designed professional service, Portfolio Management Services (PMS), offered to

1. There are 271 registered fund managers.

EQUITY DEBT DERIVATIVES MUTUAL OTHERS

The above total of discretionary PMS comes to Rs. 11,047,749.5 crores.

EQUITY DEBT DERIVATIVE MUTUAL OTHER

4. Total number of investors –

5. The parameter selected to select top fund managers: Equity – listed.

6. Based on the above parameter, we shortlisted a few top companies:

a) QUANTUM ADVISORS PVT.LTD.

George O. Aragon and Wayne E. Ferson (2007), "Portfolio Performance Evaluation",

The companies which are eliminated:

1. QUANTUM ADVISORS PVT.LTD.

2. KARMA CAPITAL ADVISORS PVT. LTD.

3. NEW HORIZON WEALTH MANAGEMENT PRIVATE LIMITED

4. AEQUITAS INVESTMENT CONSULTANCY PRIVATE LIMITED

a) ENAM ASSET MANAGEMENT CO.PVT.LTD

1. Name of the company *

3. What are the PMS schemes offered by your company? *

5. Is the fee structure & percent fixed for all clients?

6. What is the fee charging pattern? *Mark only one oval.

7. Do you contact your client before doing any transactions?

8. What is your trading mechanism? *Check all

10.What is the frequency of account statements sent to the clients?

11.Turnover ratio of portfolio products?

12.Which of the following factors encourages the clients to buy your

17.How do you push your products? *

18.How much revenue do you generate after selling PMS?

1 Name of the company Quest

1 Name of the company

1 Name of the company

1. ENAM ASSET MANAGEMENT CO.PVT.LTD:

INVESTORS EQUITY DEBT DERIVATIVES MUTUAL OTHERS

569 15846.32 0 0 0 0 143.57 119.86