投资基金管理人信托投资义务问题探析

A Theoretical Research on Duty of Trust Investment Performed by Fund's Management Company

基金是信托关系。信托是一个经济利益的联合体 ,由此产生一个可以从委托人聚集资产 ,由受托人持有并管理该资产 ,以便使受益人确实受益的法律机制。这样一个法律机制要求基金管理人遵守信托投资义务的原则 ,遵循普通谨慎人规则 ,注意信托投资的多样化和适宜性 ,并在行使委托投资管理权的过程中履行相应的义务。信托投资判断规则创造了良好的商业理念 ,以主观定向思维产生了主观性考查标准 ,为投资基金的市场运作提供了法律条件。技能义务应当成为重要的衡量尺度 ,并应当赋予实质性的内容 ,从而进一步延伸基金管理人的职责。

Trust can operate as a basis of association,a legal mechanism for agg regating,organizing and preserving wealth at one remove from those who actually enjoy the benefits. This legal mechanism demand the fund's management company t o follow the principles for the trust investment,to comply with the ordinary pr udent man rule,to have regard to the need for diversification and suitability o f investments,and to perform the respective duties during exercising the propos ed powers of investment. The Trust Investment Judgment Rule makes good business sense,creates the subjective standard of care with subjective orientation,and provides the legal basis for the operation of the investment funds. The duty of skill imposed on the fund's management company should become a more important st andard,and require an extension of the function of the fund's management compan y.