The first thing to note about how funds work is that the fund is legally separate from the fund management company, which has set the fund up.

Investors invest their money into the fund which in turn invests into a portfolio of Securities the fund owns this portfolio for the benefit of the investors in the fund and at no time should the Investments be held in the name of the investment management company.

The fund itself appoints a number of different parties to assist in the running of the fund including appointing the investment management company to act as the investment advisor.

They make decisions regarding the Investments held in the portfolio, but are not responsible for looking after the assets for the benefit of the investors that job goes to the fun custodian who are responsible for their safeguarding and safe keeping of the investments in the fund. The custodian is also responsible for ensuring any income streams are collected as well such as coupons or dividend payments.

Next are the trustees or the directors of the fund.

They aren't responsible for making investment decisions, but do oversee the running of the fund itself. For example, the appointment of different parties such as the investment manager and the custodian.

final roles surround the administration of the fund the fund administrator and transfer agent are responsible for the internal record keeping of the fund for things such as expenses or the list of investors in the fund and also for communicating with those investors the things such as sending periodic updates or valuations. These roles could be performed by the investment management company by the custodian or by a third party.