What is the difference between a mutual fund scheme and Portfolio Management Service?

Financial planners say that Portfolio Management Schemes (PMS) are ideal for large investments and also carry a higher degree of risk, whereas mutual funds are simpler investment tools. Investors should keep in mind these distinguishing points.

from Wealth-Economic Times https://economictimes.indiatimes.com/wealth/invest/what-is-the-difference-between-a-mutual-fund-scheme-and-portfolio-management-service/articleshow/78843664.cms