Contractual fund is a fund established by relying on trust law or referring to trust jurisprudence, and its establishment is based on fund contract. Fund contracts in countries (regions) with trust law are trust deed, while countries (regions) without trust law refer to the spirit of trust law. Contractual funds raise investors' funds according to fund (trust) contracts; The fund manager conducts fund management activities according to the fund (trust) contract; Fund income is distributed among the parties according to the fund (trust) contract. Securities investment trusts in Japan, South Korea and Taiwan Province, and unit trusts in Britain and Hongkong are all contractual funds. At present, the securities investment funds in Chinese mainland take the form of contractual funds.
Contract investment funds are divided into 1 and unit investment funds; 2. Fund investment fund. The scale and duration of the latter, as well as fund-raising and investment activities, are not fixed, and are independently distinguished by the unit. The agency calculates the net value of each beneficiary certificate according to the value of the securities invested, plus management fees, handling fees and other expenses, and timely announces the buying price and selling price of the beneficiary certificate, so that investors can buy and sell the beneficiary certificates in their hands according to their buying and selling prices.
Features:
1) Unit Trust is an administrator company established by a document named trust deed. In terms of organizational structure, it has no board of directors. The fund manager company sets up the fund itself as the entrusting company, and employs the manager to manage the operation and operation of the fund by himself or again. Usually, securities companies or underwriting companies are responsible for the issuance, trading, transfer, trading, profit distribution, income and debt service of beneficiary certificates.
2) The trustee accepts the entrustment of the fund manager company and registers and opens an account for the fund in the name of the trustee or trust company. The fund account is completely independent of the account of the fund custody company. Even if the fund custody company goes bankrupt due to poor management, its creditors cannot use the assets of the fund. Its duties are to manage, keep and dispose of the trust property, supervise the investment work of the fund manager, and ensure that the fund manager abides by the investment regulations listed in the prospectus, so as to make its investment portfolio meet the requirements of trust deed. When the unit trust fund has problems, the trustee has the responsibility to claim compensation from investors.