India’s investment landscape is undergoing a significant transformation as investors move beyond traditional products and explore more sophisticated wealth-management structures. Among the newest entrants is the Specialised Investment Fund (SIF) — a customised investment vehicle designed to bridge the gap between Mutual Funds (MFs), Portfolio Management Services (PMS), and Alternative Investment Funds (AIFs). Advertisement

While SIFs are still in early stages, the debate between Mutual Funds and PMS—the two dominant portfolio vehicles—continues to intensify. Both invest in equities and debt, both are professionally managed, yet the underlying structure, cost, risk, and suitability differ sharply.

Aditya Shah, founder of Hercules Advisors, recently broke down the distinctions, emphasisi

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