ICICI Prudential AMC to shut two schemes, return Rs 7 bn to investors

ICICI Prudential's asset management division took a gutsy call recently. The portfolio management services (PMS) is shutting down two of its schemes and returning the money to the investors. Both schemes are run with a focus on small-caps and both are managed by Aditya Sood. The PIPE (Private Investment in Public Equity) and Small Cap Portfolio Series I will return about Rs 7 billion. This is a relatively small proportion of the PMS corpus of about Rs 40 billion.

This decision is more or less unheard of in the Indian context though it does happen more often in developed markets. However,