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Anvil Wealth to shut down PMS biz amidst regulatory scrutiny

Business Line  

Anvil Wealth Management (AWM) is winding down its portfolio management services (PMS) business.The decision to shut shop comes in the aftermath of the capital markets regulator Sebi’s interim order in March last year, which restrained six entities, including AWM’s fund manager Kaushal Chandarana, for their involvement in front-running trades of AWM.AWM ran three strategies: Anvil Long Holding Strategy, Alpha 25, and Anvil Wealth Compounders, with assets totalling over INR 1,300 crore at the end of April last year. At the end of January this year, the combined assets of the three strategies had fallen to INR 189 crore.Several clients have chosen the last option and migrated to Enam AMC, which is the largest PMS manager in the country with assets exceeding INR 39,000 crore. The AMC was co-founded by Vallabh Bhansali, Nemish Shah, and Jiten Doshi, who has served as its chief investment officer since 1997.