PMS is a customized investment service provided by professional portfolio managers or investment firms to high-net-worth individuals (HNIs). In PMS, the portfolio manager manages a separate portfolio for each client based on their specific investment goals, risk tolerance, and financial objectives. The investments in a PMS are typically made in equities, debt, and other securities, and the portfolio manager actively manages the investments to achieve the client's financial objectives.

AIF is a privately pooled investment fund that collects funds from accredited investors or high-net-worth individuals to invest in a variety of alternative assets beyond traditional investments like stocks and bonds. AIFs can invest in assets such as private equity, venture capital, real estate, hedge funds, and other non-traditional investments. These funds are subject to regulations and are managed by professional fund managers.