The manager is the organization responsible for the operation of fund assets, such as fund companies. The income comes from the provision of fund management fees, which has nothing to do with fund performance and depends on the asset size of the fund.

The custodian is the institution responsible for keeping the assets of the fund, usually a bank. The income comes from providing fund custody fees, which has nothing to do with fund performance and depends on the asset size of the fund.

The reason why managers and custodians are distinguished is to ensure the safety of fund assets and improve risk control. I hope I can help you!