You can identify the best PMS based on the following criteria:
- Consistent performance over a 2 yr, 3 yr and 5 year period.
- Lower costs, though you would find that the overheads in most PMSs are significant including upfront setup costs.
- A friendly, transparent and open operating model, if you can find one.
If you go by performance, then the best PMS today may not be same next year and so on. You can look up the returns on websites like PMS Bazaar and make your own decision.
However if you are looking for a more transparent model that does not involve transferring your holdings and funds to someone else, then you may consider equity advisory service[1] run by a SEBI Registered Investment Advisor.
Disclaimer:
I am a SEBI Registered Investment Advisor, however the answers here should not be considered as investment advice. Please contact me via the information shown in the profile for any investment advice related to direct equities or other investments.
Footnotes[1] http://www.jamawealth.com