A fund manager refers to an institution that relies on professional knowledge and experience to make investment decisions according to laws and regulations, fund articles of association or fund contracts, and scientific portfolio principles, so as to continuously increase the value of assets under management and enable fund holders to obtain as much income as possible. China's "Interim Measures for the Management of Securities Investment Funds" stipulates that the responsibilities of fund managers mainly include: investing in and managing fund assets according to fund contracts and articles of association; Pay fund income to fund holders in full and on time; Keep the accounting books of the fund and publish the financial reports of the fund in a timely manner; Calculate the net asset value of the announcement fund and the net asset value of each fund unit.

The fund custodian refers to the institution that keeps the fund assets. Generally speaking, the responsibilities of fund custody include: safe custody of all fund assets; Execute the investment instructions of the fund manager; Supervise the investment operation of the fund manager, and if it is found that the fund manager has violated the rules, it has the right to report to the competent securities department and urge the fund manager to correct it; Check the net asset value of the fund calculated by the fund manager and the prepared report. As the fund custodian plays a very important role in the fund operation, there are only five domestic commercial banks with the qualification of fund custodian: China Industrial and Commercial Bank, China Construction Bank, China Bank, China Agricultural Bank and China Bank of Communications.