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url: /glossary/asset-manager.md
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## Asset Manager

An asset manager is a company that manages collective investment funds: UCITS (OPCVM in French) and alternative investment funds (AIF, FIA in French). An asset manager must have a licence from the financial regulator of its country:

* France: Autorité des marchés financiers (AMF)
* Luxembourg: Commission de Surveillance du Secteur Financier (CSSF)
* Ireland: Central Bank of Ireland

A collective investment fund invests the money of many savers in securities (shares, bonds, and other securities). A saver who buys a unit of the fund gets a diversified portfolio. A professional manages this portfolio according to an investment strategy.

In France, there are two types of collective investment funds:

* FCP (fonds commun de placement): a co-ownership of financial instruments, without legal personality.
* SICAV (société d’investissement à capital variable): a company with variable capital. It issues shares when investors subscribe.