After investors buy funds, the accumulated funds should be handed over to professional fund management companies for investment, but in order to protect the interests of investors, these funds are not placed in the accounts of fund management companies, but in the special accounts of third parties, who are called "custodians". Custodians have great responsibilities and must be held by reputable institutions. China's Securities Investment Fund Law stipulates that the custodian can only be a commercial bank established according to law and qualified for fund custody. Fund consignment agencies also need to obtain a license from the CSRC, but this license is much better than the custody license. Basically, most banks have this license and can sell funds. As long as the fund signed an agreement with this bank at the time of issuance, it can be sold. It is called a consignment agent. A fund agency can have multiple agencies. The custodian can only be a bank, and the consignment agency includes brokers (that is, securities companies) in addition to banks.