What is the fund industry? 💡

The fund industry refers to the wide range of services, firms and professionals involved in the creation, operation, and oversight of investment funds. It includes everything from designing a fund structure and securing regulatory approval, through to managing its investments and ensuring it meets legal and governance standards on an ongoing basis.

An investment fund is a structure that pools money from multiple investors to invest collectively in assets such as shares, bonds, property or private businesses. It allows individuals or institutions to access broader investment opportunities with professional oversight, diversification, and cost efficiency.

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What is an investment fund? 🔍

An investment fund collects money from several investors and uses it to buy investments that aim to grow in value or produce income. Each investor owns a proportion of the fund, but decisions about how and where to invest are made by a Fund Manager.

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Investment funds can take various forms, including:

• Private equity funds

• Hedge funds

• Exchange traded funds (ETFs)

• Index funds

• Equity or debt funds

• Money market funds

• Emerging market funds

 

Funds are commonly structured as either unit trusts (where investors hold units) or companies (where they hold shares).  These are governed by legal documents such as a trust deed or articles of association, and regulated under a common set of rules.

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Funds may also be:

• Open-ended: allowing investors to buy and sell their holding regularly.

• Closed-ended: where money is locked in for a set period, usually because the underlying investments are not easily traded (e.g. infrastructure, property).

 

All funds have a legal duty to disclose key details in a document known as a prospectus. This includes its investment approach, risks, fees, and the roles of key service providers.

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Who works in the fund industry? 👥👥

The fund industry includes a wide range of roles, requiring different skills and experience.

 

These include:

• Fund Managers / Investment Advisers – manage the fund’s assets and make investment decisions.

• Lawyers – involved in setting up the fund, drafting its documents and advising throughout its life.

• Fund Administrators – maintain records, calculate the fund’s value (NAV), and produce reports.

• Custodians / Trustees – hold the fund’s assets securely and independently.

• Transfer Agents / Registrars – manage investor records and transactions.

• Company Secretaries – manage governance tasks such as board meetings and regulatory filings.

• Auditors – check financial statements and review internal systems and processes.

• Tax Advisers – support on structuring and reporting for tax purposes.

• Compliance and Risk Specialists – ensure the fund and its service providers meet regulatory standards.

• Anti-Money Laundering (AML) Officers – help prevent financial crime by verifying investor information.

• HR and IT Professionals – support the recruitment, systems, and technology that keep firms running.

 

Some of these roles are supplied by in-house teams within fund management companies; others are provided by specialist firms. Many are regulated by the Guernsey Financial Services Commission (GFSC).

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Career paths and progression 🚀

Roles in the fund industry often follow a clear path:

• Trainee: gaining experience on the job while starting professional qualifications.

• Qualified / Associate: 2–3 years in, often fully trained or certified.

• Senior / Executive: responsible for complex tasks and supervision.

• Manager: overseeing teams, portfolios or functions, usually with 5+ years of experience.

 

Jobs range from technical and analytical roles to client-facing or operational careers. Many people move into the fund industry from legal, accounting, banking or administrative backgrounds.

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When are people involved in a fund’s lifecycle? 🔄

Understanding when different professionals are involved in a fund’s journey can help you see how the industry fits together. From initial setup through to ongoing management and eventual wind-up, a wide range of roles play key parts at different stages.​​