The fund custodian, also known as the fund custodian, is the party responsible for asset custody, transaction supervision, information disclosure, fund settlement and accounting in the operation of securities investment funds according to the requirements of laws and regulations. The fund custodian is the representative of the rights and interests of the fund holder, usually served by a powerful commercial bank or trust and investment company.

Fund manager refers to an institution with professional investment knowledge and experience, which manages fund assets according to laws and regulations, fund articles of association or fund contracts, aims at maximizing the income of fund holders, and seeks the continuous appreciation of fund assets. In China, according to the Interim Measures, fund managers are fund management companies. Fund management companies are usually established by securities companies and trust and investment companies and have independent legal person status.