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 manager of the fund. They make decisions regarding the investments held in the portfolio, but are not responsible for looking after the assets in the portfolio for the benefit of the investors. That job goes to the fund custodian, who makes sure the investments are owned by the fund. Next are the trustees or directors of the fund. They aren't responsible for making investment decisions, but they do oversee the running of the fund. For example, the appointment of different parties such as the investment manager and the custodian. The final roles surround the admin of the fund. The fund administrator and transfer agent are responsible for the internal record keeping of the fund, such as expenses or the list of investors in the fund, and also for communication with the investors, such as sending periodic updates and valuations. These roles could be performed by the investment management company, the custodian, or a third party.