pmlocald inherits ulimits from the pmserviced process. So to change the ulimits, you would have to add ulimit commands to the pmserviced start script. For example, to set a hard limit on the number of open files to 4096 on a Redhat Linux system, you could define the pp_exec_cmd() function in the /etc/init.d/pmserviced file as:
pp_exec_cmd () { ulimit -n 4096 && /opt/quest/sbin/pmserviced; }
You could also specify multiple ulimit settings in the pp_exec_cmd line. E.g. pp_exec_cmd () { ulimit -n 65536 -s 10485760 -u 16384 -m 973644703616 && /opt/quest/sbin/pmserviced; }