Fund Management company
A management company is a public limited company whose main activity is the management of funds or securities portfolios. Management of a fund is organisation of the issue of units or shares of the fund, investment of the assets of the fund, keeping account of the assets of the fund and other directly related activities. A management company may manage several funds.
The management board of a management company shall appoint an employee or employees for each fund managed by the management company whose duty is to coordinate investment of the assets of the fund and other activities related to the management of the fund and to monitor that the fund is managed pursuant to the provisions of legislation and the rules of the common fund or the management contract.
A fund manager shall have completed higher education or education equivalent thereto and shall have the knowledge and experience necessary for the performance of his or her duties, and an impeccable business reputation. Fund managers may be employed by only one management company. The same person may be the fund manager of several funds managed by one management company.
A fund manager shall operate in the best interests of the fund and the shareholders or unit-holders of the fund.
A fund manager shall be liable to the fund manager for the damage caused by violation of his or her duties if, as a result of violation of the duties, damage is caused to the fund or the shareholders or unit-holders of the fund.