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.
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Tags: business, Collective investment scheme, fund, Investing, Investment, Investment management, Management fee, Mutual fund