The latest buzz in Indian financial services space is the foray by corporates into portfolio management services (PMS).

Reliance [Get Quote] Money launched its PMS business last week. The latest to enter the fray is Bharti Axa Investment Managers. The joint venture between Sunil Bharti Mittal and Axa Group of France plans to launch customised portfolio management products in FY2009.

"We are looking at launching PMS in 2009 and for that, we derive a lot of strength from Axa Investment Management, which has a wonderful suite of structured products", said Sandeep Dasgupta, Chief Executive Officer of Bharti Axa Investment Managers.

Axa holds 75 per cent and Bharti group holds 25 per cent in the JV.

The Bharti group is exploring various other business options such as hedge funds, private equity and real estate, and will leverage on Axa's expertise to make a footprint in these areas.

The investment management arm of Bharti group has filed for a mutual fund license and expects to get the nod by March this year. It will also launch feeder funds by the end of this year.

Similar plans have been announced by Tata Securities, the wholly owned subsidiary of Tata Capital.

The corporate entity intends to provide portfolio management services through its wealth management arm. Aditya Birla group company, Birla Sun Life asset management company also offers PMS services under the name Privileged Account Service.