If it is a contractual (trust) fund, it is a kind of generalized trust. At present, domestic securities investment funds are mainly contractual (trust) funds, and their principles basically do not violate trust. Similarly, the domestic enterprise annuity fund is also a trust fund, and it also follows the trust model in principle. If we say the difference, it is mainly the difference between the trustee and the operating process. In addition, there are many enterprises called funds in China.
If the scope of funds is limited, such as "investment funds", if we want to compare them with trusts, we should actually make a detailed classification. For example, in terms of fund companies, the CSRC supervises the fund companies of securities investment, the CBRC supervises the fund companies of the banking department, and the CIRC is also actively raising fund companies of the insurance department. Because of the different legal basis and authorized supervision, there are many compared with trusts.
Take the securities investment fund as an example. Article 2 of the Securities Investment Fund Law clearly stipulates that firstly, the Trust Law must be observed, in which the definition of "securities investment fund" is that it is managed by the fund manager and managed by the fund custodian, and securities investment activities are carried out in the form of portfolio for the benefit of fund share holders. This is consistent with the basic principle of trust.
As for the "fund operation is not aimed at the interests of the holders" discussed by the above two people, at the level of securities investment funds, this obviously does not conform to the provisions of the Securities Investment Fund Law. Fund share holders are both investors and beneficiaries of trust relationship, and their interests are paramount, so it is impossible not to take interests as the benchmark. More importantly, the protection mechanism of fund share holders' interests is being further improved and strengthened in law.
Of course, Article 11 of the Securities Investment Fund Law stipulates that "the State Council securities supervision and management institutions shall supervise and manage the activities of securities investment funds according to law", which makes the fund companies of securities investment funds different from other fund companies, and of course has specific differences from trusts.
For a long topic, it is better to make it specific, detailed, narrowed down and clarified, or refer to the information of professional trust websites such as Trust Law Network () first, so that everyone can have a basic professional discussion, which may be better.
But after reading the answers and discussions above, I want to add a few words.
First, trusts can also have basic "units", such as standardized unit trusts, beneficiary securities and beneficiary certificates.
Second, the interests of fund share holders are the basic purpose of fund investment and cannot be ignored. At least, the right to speak of capital is the first, the interests of investors are supreme, and so is the status of beneficiaries in the trust.
Third, the investment operation of the fund cannot be changed and adjusted at will, which is bound by both the fund contract and the investor protection rules in the law;
Fourth, the property independence (isolation) system in trust is not absolute, especially when monetary funds are used as trust property, no external distinction is made. Moreover, the management (investment) of trust property is not all a single operation, and the collective operation is very common.
Fifth, to put it simply, I want to know about funds, prophet trust; If you want to compare, you have to compare first.