Fund companies and investment companies are the same thing! Fund companies issue funds mainly to raise funds for securities investment, while extracting management fees. No matter whether the fund makes money or loses money, this management fee will be deducted. As for the custodian institution, it is entrusted to protect the capital safety of fund investors. In foreign countries, the fund custodian can be a bank or a trust company, but in China, only banks are allowed to be entrusted, and the fund company issues management instructions, and the custodian conducts the clearing and settlement of securities and funds. At the same time, the custodian is also responsible for supervising the behavior of some fund companies. The most important practical problem is to prevent fund companies from misappropriating funds! Ning Fangyi