DID YOU KNOW that the billionaire capital of Asia also minted the highest number of new billionaires last year? And, according to the 2024 Hurun Global Rich List, it's not Beijing, Shanghai, Dubai, or Hong Kong. It is, in fact, Mumbai. For the first time in recent history, Mumbai has pipped Beijing to the top spot-India's financial capital is home to 92 billionaires with 27 new entrants, higher than Beijing's 91 billionaires, with six new additions. More importantly, India added a record 84 billionaires-in sharp contrast to China, which saw the number dip by 155-in a single year. Only the US, with 109 new additions, minted more billionaires last year.
With the number of wealthy individuals rising in the country, it comes as no surprise that the demand for professional money managers for the well-heeled has also gone up. While mutual funds (MFS) have become the go-to investment product for retail investors, for wealthy investors-known as high net-worth individuals or HNIs in market parlance have found their panacea in portfolio management services or PMS.
Simply put, PMS refers to a fund management firm where a fund manager manages a portfolio of stocks-typically between 20 and 30-as part of a scheme that could be designed around themes like value investing, growth stocks or entrepreneurship, among other things. The minimum ticket size for a PMS scheme is ₹50 lakh.
The growing demand for PMS is corroborated by the fact that the total assets under management (AUM) of the sector has more than doubled in the last five years, growing to ₹32.22 lakh crore as of January 2024 from ₹15.40 lakh crore in January 2019. In fact, the number of portfolio managers has more than doubled in the last seven to eight years to 400-plus.
Diese Geschichte stammt aus der April 28, 2024-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der April 28, 2024-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
"Moving to cloud helped us grow❞
What was the problem you were grappling with?
She's Got Time
MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP
RISING STAR
PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.
Building on a Legacy
WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.
LEADER IN INNOVATION
AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.
WAITING IN THE WINGS
Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025
A DECENT PROPOSAL
IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?
Women and the STEM Bias
EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.
ROCKET WOMEN
WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.
ONE STEP FORWARD
THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.
