PMS Rating

IME PMS Rating

AMC does not meet our selection criteria at this time

Not a Recommended AMC: While QRC Investment Advisors PMS does clearly have an investment team with a high degree of pedigree, they have remained sub-scale despite having been incorporated in 2017. We are unclear if this is because of a focus on other lines of business (relative to the PMS), since a team of this pedigree should ideally have scaled their PMS business further. We would wait for the domestic PMS business to scale prior to upgrading our ratings.

The PMS/AIF AMC Rating is derived on the basis of our analysis on 5 key qualitative parameters that we use to analyse the quality of a PMS/AIF Provider. These include an assessment of the size of the AMC, the pedigree of the AMC, the pedigree of the team, the value of the investment philosophy & the level of differentiation. These insights of our central research team are documented in the IME RMS, and can be accessed during a consultation call with an IME PMS specialist.

PMS Background

Discretionary AUM (47cr) | Promoter Category ()

PMS Background

QRC PMS is a young PMS firm (set up in 2017) that was founded by Saurabh Shroff (with over 10 years of institutional equity sales experience at Merrill Lynch).

PMS Investment Philosophy

QRC PMS does not have a clearly articulated PMS level investment philosophy.

Inv Team

Investment Team

Ayaz Motiwala | 4-star rated FM

Fund Manager | 28 yrs Experience | 6 yrs at current firm

Past Experience: Director(Amala Capital)

Ayaz has twenty five years of experience in equity research and investment management across various funds in India and Asia. At present, he advises Amala Emerging Asia Fund (AEAF)& which is focused on investing in high quality growth companies across Asia. Prior to advising the fund, Ayaz was part of the investment team at Samena Capital, a special situations fund. He also worked at Highbridge Capital Management, Hong Kong as part of the multi-strategy investment team where he managed a fund that invested in India and Asean. & In 2004 Ayaz joined New Vernon Capital in Mumbai which was amongst the first foreign alternate funds to enter India at that time. Prior to this engagement, he worked for five years at Birla Sun Life Asset Management Company Limited managing a few mutual funds and has & also worked for Motilal Oswal Securities as the lead consumer analyst. Ayaz started his professional investing career in 1996 as an analyst with ASK Raymond James. He holds an MBA in Finance from the Institute for Technology & Management.

Saurabh Shroff | 3-star rated FM

Fund Manager | 21 yrs Experience | 7 yrs at current firm

Past Experience: Director(Merrill Lynch asia)

Saurabh has thirteen years of experience in institutional equity sales, equity capital markets & corporate finance. Prior to co-founding QRC in 2017, Saurabh worked for 11 years with the Institutional Equity Sales team at DSP Merrill Lynch Limited and Merrill Lynch (Asia-Pacific) based in Mumbai and Hong Kong, respectively. There he advised a variety of global institutions on the Indian stock markets. He has also worked in the Equity Capital Markets & Corporate Finance teams of DSP Merrill Lynch Limited where he was involved with various international public equity transactions as well as advisory assignments. Before that, Saurabh was associated with HDFC Securities Limited where he was a research associate in the pharma sector team and analysed midcap stocks on his own. Saurabh has completed his Chartered Accountancy from ICAI and cleared Chartered Financial Analyst (CFA) Program from the CFA Institute, USA.

PMS/AIF Schemes

PMS & Listed Equity AIF Schemes

No items found

Returns as of 28-Feb-24.

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.