Fund sponsors refer to the institutions that initiate the establishment of funds. In China, according to the Interim Measures for the Management of Securities Investment Funds, the main sponsors of funds are securities companies, trust and investment companies and fund management companies established in accordance with relevant state regulations, and the number of fund sponsors is more than two. Fund sponsors must subscribe for a certain number of fund shares when raising funds, and maintain a certain proportion during the duration of the fund, so as to integrate the interests of fund sponsors and fund holders, ensure that fund sponsors take safeguarding the legitimate rights and interests of investors as the code of conduct, do not engage in activities that harm the interests of investors, and effectively protect the interests of investors.

However, after the establishment of the fund, the identity of the fund promoter has changed, (1) only bought the fund and became a simple fund holder and beneficiary, (2) transformed into a fund manager, holding fund shares at the same time, and being a trustee, custodian and beneficiary.

In addition, the "Pilot Measures for Open-end Securities Investment Funds" stipulates that open-end funds should be established by managers, that is, the promoters of open-end funds should be fund management companies.