Mumbai, Dec. 4 -- Sophisticated, high-risk investments are no longer confined to the rich in metropolitan cities. Thanks to increased awareness following the pandemic, the wealthy in India's smaller cities, such as Indore, Kochi, Nashik, Nagpur and Rourkela, are becoming more comfortable with products offered by portfolio managers.

Portfolio management services (PMS) providers create concentrated and customized options with equity and debt. Unlike the diversified mutual funds aimed at retail investors, PMS firms have a higher entry ticket size of Rs.50 lakh, catering to high-net-worth individuals who are comfortable with higher risk.

The PMS industry's share of clients from non-metros has surged over the past three years, according to a...