AssetPlus, a fully digital wealth management platform designed for India’s Mutual Fund Distributors (MFDs), has launched Portfolio Management Services (PMS) to help its certified partner MFDs serve eligible high-net-worth clients.
With dedicated support at every stage, certified partner MFDs can now onboard, track, manage, and report PMS investments for eligible clients directly through AssetPlus. However, partners must obtain the NISM Series-XXI-A certification mandated by SEBI to distribute PMS products. To support this requirement, AssetPlus Academy provides end-to-end training and assistance.
The HNI-focused PMS segment has witnessed significant growth in recent years. According to SEBI data, PMS assets, excluding EPFO and provident fund money, have crossed ₹10 lakh crore, compared with approximately ₹5 lakh crore in FY21.
Meanwhile, the client base has also expanded to around 2.2 lakh, according to SEBI and APMI data. In addition, SEBI has simplified PMS distribution by introducing formal registration for distributors through the APRN framework.
As MFDs’ clients increasingly reach the investment threshold required for PMS, partners have often needed to manage those relationships through separate and disconnected systems. AssetPlus aims to address this gap by enabling partners to manage their clients’ PMS relationships directly through its platform instead of transferring them to another system.
“Some of our partners have worked with the same client since AssetPlus’s earliest years, when their first investment was a modest SIP,” said Vishranth Suresh, Co-founder and CEO, AssetPlus. “A decade on, that client’s wealth has grown many times over, and with PMS, so has their partner’s ability to serve them. That’s the kind of platform we want AssetPlus to be: one that partners build their entire practice on, not just where they start.”
Unlike mutual funds, which follow a pooled investment structure, PMS provides clients with individually managed portfolios based on their financial goals and risk profiles. A SEBI-registered Portfolio Manager manages these portfolios, while the investments remain directly held in the client’s demat account.
Through the new PMS offering, AssetPlus partners receive end-to-end NISM Series-XXI-A certification training and support through AssetPlus Academy, helping them prepare for PMS distribution.
Furthermore, the platform provides a single dashboard and app for partners and clients, covering the entire journey from onboarding to reporting.
AssetPlus also offers daily portfolio updates, including holdings, performance, and valuation, through a single view. The company claims this feature marks a first for PMS distribution platforms in India.
As mandated by SEBI, PMS requires a minimum investment of ₹50 lakh. The offering operates under the SEBI (Portfolio Managers) Regulations, 2020, while the respective Portfolio Managers provide disclosure documents and regulatory information.
“Every Portfolio Manager reports holdings and valuations in a different format; most systems reconcile that periodically,” said Awanish Raj, Co-founder and CTO, AssetPlus. “We built AssetPlus PMS to reconcile it daily instead, so partners and clients see an updated portfolio every day, not once a month. That makes us the first PMS distribution platform in India to do it, and it’s the piece we spent the most engineering time getting right.”
AssetPlus currently works with more than 22,000 MFD partners across India. Together, these partners manage over ₹9,000 crore in assets under management, operate a monthly SIP book exceeding ₹150 crore, and serve approximately 2 lakh investing customers.
Since its founding in 2016, AssetPlus has expanded beyond mutual fund distribution into insurance, NPS, LAMF, CFDs, and SIFs. With the launch of PMS, the company has added another service to its growing wealth management ecosystem.
Ultimately, the PMS offering, supported by AssetPlus Academy’s certification training, represents the company’s latest effort to help MFD partners serve clients throughout every stage of their wealth management journey.
