This also marks the second consecutive decline in the assets under management (AUM) of portfolio managers, who mostly manage investments or provide advisory services to High Networth Individuals (HNIs).
Besides, the number of clients fell to 50,795 last month from 59,294 in the preceding month.
According to Securities and Exchange Board of India, AUM of portfolio managers was at Rs 10.19 lakh crore at the end of February as against Rs 10.24 lakh crore in the preceding month.
Portfolio managers individually handled assets worth Rs 7,96,028 crore for discretionary services, besides Rs 1,65,288 crore for advisory services and another Rs 57,840 crore for non-discretionary investments during the period under review.
Of the total assets managed by portfolio mangers, about Rs 7.26 lakh crore was contributed by employee provident fund organisation (EPFO) or provident fund (PF), Sebi data showed.
A portfolio manager is a body corporate who, pursuant to a contract or arrangement with a client, advises or directs or undertakes on behalf of the client (whether as a discretionary portfolio manager or otherwise), management of a portfolio of securities or the funds of the client.