Fund custodian refers to the institution entrusted with the custody of fund assets. The fund custodian needs to supervise the daily investment operation of the fund manager. Fund custodians are generally banking institutions. Fund custodians independently open fund asset accounts, carry out liquidation and delivery according to the instructions of the administrator, keep the fund assets, supervise the fund within a certain range, and charge a certain custody fee.

Fund managers are managers and users of fund assets. According to professional investment knowledge and experience, fund managers make reasonable investment decisions by using the assets of the managed funds, with the goal of obtaining excess returns, which depends on the investment level of fund managers.