Management company (ManCo)

Roles that need it

• Compliance Officer
• Fund Accountant
• Investment Risk Analyst
• Investment Product Specialist
• Legal Counsel

Skills it belongs to

• Fund regulation and structures (UCITS, AIFMD, US 1940 Act)
• Third party risk management and outsourcing rules

Related concepts

• UCITS (Undertakings for collective investment in transferable securities)A UCITS is an open-ended investment fund authorised under Directive 2009/65/EC that invests in liquid financial assets under diversification and leverage limits. A UCITS authorised in one member state can be marketed to retail investors across the EU with a passport, and it must appoint a depositary.
• AIFMD (Alternative Investment Fund Managers Directive)The Alternative Investment Fund Managers Directive (AIFMD), Directive 2011/61/EU, regulates managers of funds that are not UCITS, such as hedge, private equity, real estate and infrastructure funds. It sets authorisation, capital, depositary, reporting and marketing rules; Directive (EU) 2024/927 (AIFMD II) adds loan origination and liquidity rules.
• Depositary (funds)A depositary is the independent institution, usually a bank, appointed for a UCITS or an alternative investment fund to safekeep its assets, monitor its cash flows and oversee that the manager complies with the rules on subscriptions, valuation and investment limits. It is liable for the loss of financial instruments held in custody.
• Transfer agentA transfer agent, also called a registrar, keeps a fund's register of unitholders and processes subscriptions, redemptions, switches and transfers. It applies the dealing cut-off and price, runs investor due diligence for anti-money laundering, calculates commissions and distributions, and handles investor queries.

Sources

• Directive 2009/65/EC (UCITS Directive), EUR-Lex (external site) accessed 31 Oct 2026
• Directive 2011/61/EU (AIFMD), EUR-Lex (external site) accessed 31 Oct 2026

Updated 31 Oct 2026.