Investment adviser

There is no delegation for investment decision-making. The investment advisor can only make proposals to the fund manager or to the management company – they decide and carry the responsibility for the investment decisions.

Fund manager

The investment decision-making is delegated to the fund manager. He carries the full responsibility for his investment decisions. In case of a direct deal broker agreement, the fund manager status is mandatory. In case of a fund manager has to be deployed, he must be supervised by a surveillance authority equivalent to the FMA.