Rich give their managers more discretion

The number of clients under the discretionary PMS touched a life high of 70,994

As the stock indices touch new highs, an interesting trend is shaping among wealthier investors. It seems more of these high net worth individuals are giving managers of their investments more freedom than they did before. As a corollary, this could also mean they are less confident of making their own investment decisions.

These trends are visible from the data on portfolio management services (PMS) released by the Securities and Exchange Board of India (Sebi) recently. Though some high-end funds have higher entry levels, Sebi rules prescribe Rs 25 lakh as the minimum for PMS.

Sebi rules prohibit these managers from offering