Fund managers raised by funds are fund companies. The relationship between funds and brokers is agency, that is, the fund company entrusts brokers to sell their products, and brokers do not manage the use of raised funds.

The collective asset management business card issued by securities companies belongs to asset management business, and the raised funds are managed by securities companies.

Second, the mode of distribution.

A securities company engaged in the collective asset management business shall provide services for specific customers, which shall be the customers of the securities company itself or the customers of the promotion agencies, and the minimum amount of participating funds shall comply with the provisions of the China Securities Regulatory Commission. It is forbidden to publicize collective plans through public media such as television, newspapers and radio.

Fund companies can provide investment services to unspecified customers and publicize fund products through mass media.

Third, the issue conditions.

The amount raised by the collective asset management business is not less than RMB 654.38 billion; No less than 2 customers. The fund does not have this restriction.