Portfolio Management service - AM, HF or PWM?

Hi, I am from India and would like to know how would the US categorize the portfolio management Services business in India.
Key features of the business:
Only investments of size larger than $37k (large amount in Indian terms) are allowed. Threshold of eligible investors is the investment commitment and not networth or annual compensation of an individual.
Investments can be pooled together or separately managed
Managed through investor's account and not fund's account.
Markets are not mature enough so, only long-only equity exposure allowed. No derivatives allowed.
Various styles or specific sector exposures are allowed.
Can take concentrated positions but leverage not allowed.
There is 2 & 20 system for compensation.
Portfolios can be discretionary or non-discretionary. Most of the portfolios are discretionary.
Usually very small teams like PM, assistant PM, Investment associate & analyst.
Require sell-side research experience of 1-2 years to get in.
Tougher to get in than any other investment management business.

Also, there are very few hedge funds, like 5-6 in whole of India but they are allowed to only deal in derivatives. And there are many mutual funds (established & mature businesses here) in India.

So, how would the US categorize such a business? WIll it be a type of HF, AM, PWM or a subtype of any? Will an experience in such companies be respected by b-schools for MBA? I am thinking of entering the industry in the future if it is really worth it.