It appears from your post that you want to use the services of a PMS because you don't have the time to devote to trade yourself. In my experience, when you go for a PMS the portfolio manager may try to increase the trading volumes to increase his commission/charges rather than concentrating on your returns. This increases the risk.
If I was in your place, I would rather subscribe to some good research group (don't go for blind TIPS) and place orders on the phone (if I can't trade online) as and when needed.
I don't want to publicise or advertise for any particular person/research group on this forum as it may be against the forum rules, but after having traded for almost 5 years now, I have been able to make some decent returns following one of them. You can contact me offline at my email v m a n o c h a @ g m a i l . c o m if you need to get some details regarding that.
Portfolio management- legal issues and considerations