Portfolio Management Services
PMS for ₹50 lakh+ portfolios — selected, not sold
Portfolio Management Services give a SEBI-registered manager discretion over a separate account held in your name. We evaluate managers independently and facilitate access as a distributor. Minimum ₹50 lakh per SEBI (Portfolio Managers) Regulations.
Launching soon. PMS distribution at Ladder is being set up and is not yet open for onboarding. This page explains how we will work once it is — for where things stand today, see our contact details.
01 — The Structure
A separate account in your name, managed by a SEBI-registered portfolio manager.
PMS is not a mutual fund and not a demat account you manage yourself. It is a managed mandate — with its own structure, fees, and tax treatment. Understanding the differences matters before committing.
The Basics
Your demat, SEBI minimum ₹50 lakh
Securities are held in a demat account registered in your name — not pooled with other investors. The SEBI (Portfolio Managers) Regulations set the minimum at ₹50 lakh; a portfolio manager may accept less only from SEBI-accredited investors, at its discretion. Mandates can be discretionary (manager decides) or non-discretionary (manager advises, you decide).
vs Mutual Funds
Concentration, customisation, separate taxation
A PMS portfolio typically holds 20–30 stocks — far more concentrated than a diversified fund. Customisation is possible (sector exclusions, tax-harvesting). Every buy and sell is taxed directly in your hands, not netted at the fund level. Fee drag is higher; scale justifies the difference.
Fee Structures
Fixed, performance, hurdle rates, high-water marks
Portfolio managers charge either a fixed annual fee (typically 1–2.5% of AUM) or a performance fee above a hurdle rate, subject to a high-water mark. Fee mechanics vary significantly — and are disclosed in the SEBI-prescribed disclosure document before you commit.
02 — Honest Qualification
PMS is not for everyone. Here is who it is — and isn't — for.
We say this before the meeting, not after. An honest filter saves time on both sides — and is the only approach we're comfortable with.
A good fit if
- ₹50 lakh or more of discretionary capital beyond your emergency fund and short-term goals
- A 5+ year horizon — long enough for a concentrated equity mandate to absorb drawdowns
- Comfort with concentration — the portfolio holds fewer positions with larger drawdowns than a diversified fund
- A goal that benefits from customisation a mutual fund basket cannot deliver
Not a good fit if
- First-time equity investors — a systematic mutual fund portfolio is the right starting point
- Horizon under 5 years — concentrated equity and a short time window is a difficult combination
- Anyone uncomfortable with concentrated drawdowns — a PMS can fall 40–50% in a severe market decline
- Anyone for whom the higher fee drag versus a mutual fund TER is not justified by the mandate's specific advantages
03 — Due Diligence
We screen managers. We don't sell whoever pays the most trail.
Six dimensions go into every manager evaluation. The goal is structural fit and process integrity — not recent performance rank or AUM size.
Philosophy consistency over time
Does the manager's stated philosophy match their actual portfolio holdings? Style drift under pressure — moving away from value when it underperforms, for example — is a red flag regardless of returns.
Capacity discipline — AUM vs strategy
A small and mid-cap strategy managing ₹5,000 crore cannot execute the same way it did at ₹500 crore. We track whether the strategy has outgrown its natural capacity and whether the manager is honest about it.
Drawdown behaviour vs benchmark
How deep does the portfolio fall in a downturn, and how does that compare to the benchmark? A manager with strong recoveries but severe drawdowns may not be right for a specific investor's temperament, regardless of long-term numbers.
Fee structure mechanics
Fixed vs performance fee, hurdle rate setting, high-water mark enforcement — these details determine how much of the return actually reaches you. We review the disclosure document, not just the headline fee number.
Portfolio churn and transaction costs
High turnover generates brokerage, STT, and capital-gains events that directly reduce net returns. A PMS that trades frequently needs to demonstrate why the activity adds value beyond what a low-churn alternative would deliver.
Key-person risk and disclosure-document quality
PMS track records belong to individuals, not firms. If the named manager leaves, the record becomes meaningless. We also assess the SEBI-prescribed disclosure document — how clearly it describes the strategy, risks, and fee mechanics.
We do not publish manager track records on this page.
Performance data is shared one-to-one with eligible investors in the standardised format — not publicly, and not in a way that invites comparison shopping divorced from suitability. If a manager's past returns are the main selling point, that is a reason to look harder at everything else. Past performance of any portfolio manager is not indicative of future results.
04 — What Happens Next
From a suitability conversation to onboarded and monitored.
Suitability conversation
Goals, existing allocation, time horizon, and drawdown capacity. We tell you honestly if PMS is not the right allocation for where you are — before any manager is involved.
Shortlist of 2–3 managers
Based on the evaluation framework above, not AUM ranking or commission. We present the shortlist with the reasons — including what we decided against and why.
Joint calls with managers
You hear directly from the people who will manage your money — their process, their risk posture, how they behaved in past drawdowns. We facilitate; you decide.
Disclosure-document walkthrough
LFS walks you through the SEBI-prescribed disclosure document before any commitment — fees, lock-in, exit conditions, and the exact mandate the manager is authorised to execute.
Onboarding + ongoing monitoring
Onboarding paperwork handled. The PMS is then monitored inside your scheduled LFS reviews — goal progress, portfolio health, and whether the manager's execution continues to match their stated philosophy.
05 — Transparency
How we're paid — plainly stated.
LFS acts as distributor, not portfolio manager. We do not manage your PMS portfolio — we evaluate managers independently, facilitate access, and receive a distribution commission from the portfolio manager. You do not pay LFS directly.
Manager fees
The portfolio manager charges either a fixed annual fee or a performance fee per their SEBI-registered disclosure document. Fee structures vary by manager and strategy — and are shared in full before you commit. There is no standard rate across PMS providers.
LFS distribution commission
Ladder Financial Services receives a distribution commission from the portfolio manager — disclosed in full before onboarding. You do not pay LFS directly; the commission comes from the manager's fee pool, not as an additional charge on your account.
Why there are no return figures on this page.
Posting track records publicly would invite comparison shopping divorced from suitability, risk appetite, and time horizon — exactly the opposite of how PMS decisions should be made. Performance data is shared in the SEBI-prescribed standardised disclosure format, one-to-one, with eligible investors after a suitability conversation. This is the right way to do it.
06 — Common Questions
Things people usually ask about PMS.
Can I see track records before committing?
PMS vs mutual funds at ₹50 lakh — what actually changes?
How is PMS taxed differently?
What is the exit process?
What if I want to start with mutual funds and move to PMS later?
07 — Portfolio Management Services
Considering PMS? Talk it through first.
We will tell you honestly if PMS is not the right allocation for where you are. Reach us on any of the details below.
Phone / WhatsApp
+91 98194 44453Hyderabad
Royal One Apartments, 304
Road No. 8, Banjara Hills
Hyderabad – 500034
Mumbai
Office 12, Shri Paramanand Society
Road No. 5, Khar West
Mumbai – 400052