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Management company: is responsible for the administration, accounting and financial management of the UCITS. It must be authorised by the AMF.

Management fees: management fees are the fees ascribable to the net asset value of a UCITS. They remunerate in particular for the management such as for the custodian as well as other administrative costs (personnel costs, supplies, advertising, official journal announcements, AMF fees, etc.).
Management fees are set out in the prospectus.

Manager: person responsible for the management of a portfolio of securities for the account of third parties.

Master and feeder funds: created in France in 1998. In this type of structure one or several UCITS, referred to as a “feeder” and set up under a totally independent legal structures, invests all of its assets permanently in the master fund and incidentally in liquidities.
The feeder fund follows the same investment strategy as the master fund to which it is attached. Maximum loss: represents the worst performance achieved by an investor if he had entered at the high point and exited at the low point within a period.

Maximum loss: represents the worst performance achieved by an investor if he had entered at the high point and exited at the low point within a period.

Maximum return/minimum return: representing the best and worst monthly performances respectively . They are calculated from standardised monthly data (in other words the data has been standardised in terms of duration, as performances may have been recorded over a slightly different number of days). Together, they allow the risks that impact performances to be estimated.

Multi-management mandate: this type of management describes funds based on delegation through discretionary management mandates. The management company gives a mandate to several selected managers to manage certain portions of asset of the fund directly. One also talks about manager of manager funds.

Multi-management: multi-management enables the investor to have exposure to equity and bond markets in different regions, several sectors and according to different management styles. Multi-management is more a type of management than a different type of UCITS. This generic term describes the different processes aiming to allow savers access to a selection of skills by investing in a fund of fund or by turning to a mandate fund. Whatever the approach retained multi-management entails the use of external management of pockets of assets. (Refer: Funds of funds)

Multi-manager fund of funds: this type of management defines the funds that invest more than 50% of their assets in other funds and of which a significant part is made up of external funds.
One also talks about fund of fund multi-managers.Multiple compartment fund: FCPs or SICAVs are divided into several compartments (equities, bonds, money market) grouped together under the same legal entity. Therefore investors have access to several types of investment from the same product. They may arbitrage according to their requirements by spreading their purchases between several compartments or by transferring their assets from one compartment to another without fees or at reduced fees. Such transfers are classed under French tax as disposals and thus the tax treatment in this case is as securities capital gains. They are also referred to as ‘umbrella funds’. These funds are mainly located in Luxembourg. Since 1 January 1999, the creation of these funds has been authorised in France.

Multiple compartment fund: FCPs or SICAVs are divided into several compartments (equities, bonds, money market) grouped together under the same legal entity. Therefore investors have access to several types of investment from the same product. They may arbitrage according to their requirements by spreading their purchases between several compartments or by transferring their assets from one compartment to another without fees or at reduced fees. Such transfers are classed under French tax as disposals and thus the tax treatment in this case is as securities capital gains. They are also referred to as ‘umbrella funds’. These funds are mainly located in Luxembourg. Since 1 January 1999, the creation of these funds has been authorised in France.