1. Motilal Oswal Asset Management Company (MOAMC)

• AUM: ₹13,221.25 crore as of April 2025

• Client Base: 12,527 clients

• Investment Strategies: 6 Multi Cap and Flexi Cap schemes; 1 Small and Mid Cap scheme (Business Today, Cafemutual)

Motilal Oswal AMC has a strong client base and is a well established player in the PMS space. Their investment philosophy is based on the “Buy Right, Sit Tight” approach, where they focus on quality stock selection and long term holding. MOAMC’s PMS offerings have shown consistent performance, backed by rigorous research and a disciplined investment process.

2. Dezerv

• AUM: ₹12,000+ crore as of April 2025; targeting ₹25,000 crore by December 2025

• Minimum Investment: ₹50 lakh

• Fee Structure: 0% fixed management fees; performance-based model

• Benchmark: S&P BSE 500 TRI (Moneycontrol, IIFL Capital Services, India Infoline, APMI India)

Dezerv has quickly made a mark in the Portfolio Management Services space due to its transparent fee structure and consistent outperformance. Notably, Dezerv charges 0% management fees, making it one of the most cost-effective PMS in India. Their portfolios have beaten benchmarks like BSE500TRI since inception, making them a great choice for investors looking for both performance and value.

3. Marcellus Investment Managers

• AUM: ₹4,733.22 crore as of April 2025.

• Client Base: 3,799 clients.

• Flagship Strategies: Consistent Compounders, Rising Giants, Little Champs.

Founded by renowned investor Saurabh Mukherjea, Marcellus has made a mark with its forensic accounting and capital allocation frameworks. Their flagship ‘Consistent Compounders’ strategy focuses on companies with clean accounts, strong moats and healthy capital allocation. Marcellus’s portfolios have delivered superior returns, making them a favorite among investors.

4. IIFL Asset Management

• Minimum Investment: ₹50 lakh

• Management Fee: 1%-2%

• Investment Approach: Thematic strategies with high-conviction ideas

IIFL’s PMS offerings are thematic in nature with focus on high-conviction ideas. Their ‘Multicap PMS’ strategy for instance blends top-down macroeconomic analysis with bottom-up stock selection to capture opportunities across market capitalizations. IIFL’s emphasis on risk management and performance consistency has earned them a loyal client base.

5. ASK Investment Managers

• AUM: ₹13,000+ crore

• Client Base: 11,703 clients

• Flagship Strategies: Indian Entrepreneur Portfolio (CAGR since inception: 16.5%), Emerging Opportunities Portfolio (CAGR since inception: 11.4%) (Cafemutual, askfinancials.com)

ASK Investment Managers has a legacy of over two decades in the PMS space and is known for quality and consistency. Their investment approach is based on identifying growth oriented companies with strong fundamentals and sustainable competitive advantages. ASK’s disciplined investment process and client centric services have made them a trusted PMS provider.

6. White Oak Capital Management

• Flagship Strategy: India Business Leaders PMS

• Performance: Annualized TWRR of 11.0% since inception (January 2021 to February 2025)

White Oak Capital brings a unique perspective to PMS with its focus on intrinsic value and bottom-up stock selection. Their investment philosophy is based on identifying companies with superior returns on incremental capital and scalable business models. White Oak’s research and focus on quality has given them commendable portfolio performance. 

7. Unifi Capital

• Client Base: 10,298 clients

• Investment Strategies: Thematic portfolios like Green Fund, APJ 20, and HoldCo

Unifi Capital is unique with its niche investment strategies that play on market inefficiencies and special situations. Their thematic portfolios like the ‘Green Fund’ and ‘APJ 20’ are designed to tap into emerging trends and under-researched opportunities. Unifi’s innovative approach and track record makes them a player to watch in the PMS space.(Motilal Oswal Mutual Fund)

Conclusion

The PMS industry in 2025 is a mix of old and new. Providers like Dezerv are changing the cost structure and transparency game while institutions like Motilal Oswal and Marcellus are delivering performance through their investment philosophies. Investors looking for personalized portfolio management, active strategies and potential for higher returns have a plethora of top PMS providers to choose from in 2025.

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