Trustee, Glossary and Terms, Depository Institutions & Credit Unions
List of United States Depository Institutions, Credit Unions, Guide Service
"Trustee"
Responsible for overseeing the fund manager's activities in relation to a unit trust. Usually a large bank, the trustee must be independent of the fundmanager where the fund is authorised by the Financial Conduct Authority. It acts in the interests of the investors, owning the investments in the fund on their behalf. It also ensures the fund is invested according to its investment objectives and that the manager complies with the regulations. The OEIC equivalent is known as the depositary.