Higher commissions and markets push portfolio management products
The trend has gained currency in the aftermath of the capping of MF commissions
Banks and wealth managers have started pushing PMS (portfolio management services) products to their high net worth (HNI or rich) clients in the past few months on the back of a sustained rise in Indian equities.
The trend has gained currency in the aftermath of the capping of upfront commission on sale of mutual fund schemes and has led to concerns of misselling. Banks such as Citibank, Standard Chartered Bank, Kotak Mahindra Bank, ICICI Bank, as well as wealth managers such as IIFL Private Wealth and Motilal Oswal are selling the product. "The trend has picked up primarily because ...
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First Published: Wed, August 10 2016. 22:49 IST