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A manager of a mutual fund is a corporation, whose purpose is the representation and administration of collective investment institutions (IIC), with powers of control over these assets without owning them.

Features include:

Establish a fund along with the depositary to develop the appropriate regulations.
Exercise the rights attaching to the securities that the fund has a portfolio of exclusive benefit of members.
Determine the value of the shares.
Manage the assets of the fund object.
The managers are required to periodically submit to the CNMV comprehensive information that tells the history of funds and the degree of compliance with the legal requirements, among others are: the investment ratios of assets, equity, liquidity, positions the group manager, list of buying and selling, etc..

In practice, the fund acts as a “sack.” To the extent that a participant elects to purchase shares, the cash from the bag comes in increasing the wealth and the manager invests in securities. When the investor sells shares, the fund reduces its assets. All the purchase, sale and transfer of shares must inevitably pass through the manager, not being able to operate without this average.

The first significant reference to the Investment Funds in Spain, dating from 1964 through Decree-Law 7 / 1964 of April 30, which authorizes the government to regulate investment funds financial information (mutual fund) . In its early investment funds did so only in equities, so that your progress will be closely linked to the exchange. Until 1974, experiencing a great development, but the global crisis of the 70 causes a steady decline in growth due to the low yields they produced. It is from that moment when one begins to consider the fixed-income assets to diversify portfolio risk, and in 1980 began to enter values ??in this category in the fund portfolios. Finally, Law 46/1984, of December 26, consolidating the trend with the creation of investment funds in money market funds (FIAMM).

However, the final impetus for the FIM and FIAMM occurs at the beginning of the 90 for several reasons. From a financial standpoint, is the creation of Fondtesoro whose state advertising campaigns this formula greatly promote investment and on the other hand we must not forget in this sense, the direct involvement of banks and savings banks as promoters the vast majority of funds marketed in Spain, taking advantage of their distribution networks across the country.

The control and supervision of funds for the Commission Nacional de Valores (CNMV), which performs its function with the same powers and legislative powers, regulators, auditors and penalties, that is vested by the Law 1284/98 Market Securities.

Management Companies, Custodians and all brochures and reports on the Funds registration is compulsory in the Register maintained by the National Securities Commission, are governed by the provisions of Law No. 811/96, the regulations of the CNMV and the respective regulations or internal management of each of the funds previously approved by the committee.

Law 35/2003 on November 4 Collective Investment Institutions and unfolding regulations set the rules governing investment funds with mutual funds, as well as their managers and custodians. The purpose of the Funds and Mutual Funds is established with the purpose of investing in securities or real estate, as appropriate.

A mutual fund is an asset without legal personality, which is made up of contributions from a number of investors or participants. The fund is managed by a management company Collective Investment Institutions (SGIIC) and their property rights are represented by a certificate of participation. The contributions of all investors in mutual funds are invested in financial assets (bills, bonds, debentures, stocks, derivatives, etc.) Or non-financial assets (philately, art, buildings, etc …).

While mutual funds are constituted as Corporations shareholders being owners of the company, the Investment Funds are defined as assets that belong to a plurality of investors called stakeholders.

The assets of an investment fund is divided into a number of units of the same characteristics that have the character of negotiable, but have no value. The number of entries is unlimited and each value is calculated by dividing total equity value of the number of shares outstanding, this value is going to be called net asset value.

The management company of collective investment institutions (SGIIC)

Is emitted manages and administers the fund and all, decide which is the investment policy to follow, ie, decides the securities and financial instruments to be purchased and sold with the fund’s assets.

The Management Company does not own the fund, because the real owners are the members of the fund. Each fund has a single management company and each SGIIC can manage several investment funds at once, each one depending on the needs and preferences of savers. By directly to the fund management charges a fee (management fee). The managers are required to periodically submit to the CNMV comprehensive information that tells the history of funds and the degree of compliance with the legal requirements, among which are: investment ratios of assets, equity, liquidity, positions the group manager, Relationship of purchase and sale, etc. All the purchase, sale and transfer of shares must inevitably pass through the manager, not being able to operate without this average.

D) The depositary

It can be any savings bank, Bank, Company or Agency Securities or Credit duly registered in special registers of the CNMV. Its basic function is the custodian of the values ??that the IIC has in his wallet, but you can trust all or part of it to a third party. Apart from this responsibility is responsible for the following functions:

Receiving and keeping custody of securities and all those assets which are investments in mutual funds, and also performs the settlement of transactions.
Ensure the regularity of the subscription of shares, claiming the amount, whose net credited to the fund, being obliged to notify the CNMV of any abnormalities detected.
Satisfied, on behalf of the funds, redemptions ordered by the management company, whose net payable on their own merits.

• The participants

Members or investors are the people who contribute their savings to fund and, when they want, they can obtain full or partial refund. They are joint owners of the Fund’s assets, which are entitled to a percentage based on your input (number of shares).

At the time a person makes a contribution to the common heritage of the fund becomes a sharer in it. This contribution can be made either at the time of formation of the phone, or later. The holder may be a natural or legal person, resident or not, major or minor, may be no or multiple-account holders open.

• Shares

Units in the Fund are each equal in dividing the assets of an investment fund, that is, are the unit contribution of each investor. All entries have the same rights and are equal. Your property is entitled to participate in management performance, which will become effective in the profits or losses when the holder takes the decision to sell.

Participation is always by name (is the name of the participant) and may not be the carrier. Entries can be represented either by certificates or by book-entry (computer records). Are securities, but in reality are not traded on any stock exchange, to be bought and sold through the management company, which is what these issues and redeems shares.

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A good corporate mission, you must have the following characteristics:
* Must be clear and understandable to all members of the company.
* Should not be too limited to arrive at limiting the actions of members of the company, but it should not be too wide to get to cause confusion about what the company does.
* Must distinguish the company from similar ones.

To formulate the mission of a company, we can consider the following elements:
* Customers: Who are our customers?
* Products: what are our main products or services?
* Market: What is our market?
* Technology: What is our technology?
* Interest in growth: we are interested in economic goals?
* Philosophy: What are our beliefs, values or principles?
* Capacity: what is our differentiation and our competitive advantage?
* Concern for public image: Do we care about social issues, community or environmental?
* Concern for employees: we care about our workers?

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