New Delhi, June 23 -- India is creating investable wealth at scale.

Between 2021 and 2026, the country's ultra-high-net-worth population grew 63%, from just over 12,000 to nearly 20,000 individuals, making India the sixth-largest UHNI base globally. Jefferies estimates the wealth management industry could grow more than 20% annually over the next few years. The money is moving. The more important question is: where, and on what terms?

Increasingly, the answer is Portfolio Management Services (PMS). PMS assets under management have crossed Rs.42 lakh crore, and for good reason. Sophisticated investors want concentrated, high-conviction portfolios, not the diversification-by-default that mutual funds often deliver. They want a fund manage...