It's basically the same thing. PAM, as far as I know stand for Personal Account Manager. Someone with a PAM or Money Manager Account with a broker will offer his/her services as a trader to other people, trade for them and then take a pre-agreed upon commission from the trading profits. Such an account is normally used as a single account where multiple investors will pay their funds into. The trader then uses this single account to trade with.
I don't exactly know what the specific rules and regulations are for managing such an account, but in my personal opinion, it is extremely risky from an investor point of view. To find a professional trader, with a trustworthy track record is very hard. But in the end, its your money to invest, just be prepared for the high risk involved.
Hope this helps a little - anyone who can correct me please do so, I only know what they are - not sure how they exactly work... 😄
Keep it simple, be disciplined, get rich slowly and above all protect your equity!