First, we need to explain what a fund manager is. A fund manager refers to an institution with special knowledge and experience, which uses the managed fund assets to make investment decisions according to laws and regulations, fund articles of association or fund contracts, and scientific portfolio principles, so as to continuously increase the value of the managed fund assets and enable fund holders to obtain as much income as possible. Fund managers have different names in different countries. For example, Britain is called an investment management company, the United States is called a fund management company, Japan is called an investment trust company, and Taiwan Province Province is called a securities investment trust company, but their responsibilities are basically the same, that is, the use and management of fund assets.

Here are your questions:

The first question is "Can a trust and investment company be a fund manager directly?"

Usually, yes.

However, for equity investment fund companies established in accordance with the People's Republic of China (PRC) Partnership Enterprise Law, it is necessary to refer to Article 3: "Wholly state-owned companies, state-owned enterprises, listed companies, public welfare institutions and social organizations may not become general partners." Trust companies can be fund managers as long as they do not have the above attributes.

The second question is "Can a fund manager only be a fund management company?"

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An equity investment fund company established in accordance with the Partnership Enterprise Law of People's Republic of China (PRC) may have multiple general partners and one or more executive partners, and the general partners include other persons or organizations.

The third question is "Who are the sponsors of fund management companies?"

A limited liability company, joint stock limited company or partnership established under the Company Law of People's Republic of China (PRC) or the Partnership Law of People's Republic of China (PRC).