Manager of a participatory security or unit trust
Up one levelIn relation to a participatory security, the manager is a person on whose behalf any money paid in consideration of the allotment of the security is received, or with a substantial obligation to security holders to act, in the continuing administration or management of the scheme to which the security relates – or both.
This does not include the trustee if the person acts in the continuing administration or management of the scheme to which the security relates, solely in the person's capacity as a participatory security trustee.
In relation to a unit trust, the manager is the company which has the responsibilities, powers and functions of the manager of the unit trust under the Unit Trusts Act 1960.
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