India's largest Mutual Fund (MF) house ICICI Prudential Asset Management Company (AMC) will wind up two of its small-cap schemes that are run by its Portfolio Management Services (PMS) division, reported PTI. It said that "too much money is chasing very few quality" stocks.
ICICI will be returning the entire capital invested along with interest back to investors. PMS is a division managing investments of High Net-worth Individuals.
The two schemes that are in the process of being wound up are PIPE and Smallcap Portfolio Series I.
Currently, ICICI Prudential PMS manages investors' funds to the tune of Rs 4,000 crore, while overall the fund house has assets under management of over Rs 2.93 lakh crore.
The Managing Director and Chief Executive of the fund house said "We are in a situation where the valuations are very rich and too much money is chasing very few quality small-cap companies," he added.