{"id":4999,"date":"2025-10-08T07:43:48","date_gmt":"2025-10-08T07:43:48","guid":{"rendered":"https:\/\/titus.com.hk\/?p=4999"},"modified":"2026-02-25T06:21:31","modified_gmt":"2026-02-25T06:21:31","slug":"what-is-an-investment-fund-structures-explained-for-beginners-hong-kong-edition","status":"publish","type":"post","link":"https:\/\/titus.com.hk\/zh\/what-is-an-investment-fund-structures-explained-for-beginners-hong-kong-edition\/","title":{"rendered":"What Is an Investment Fund? Structures Explained for Beginners (Hong Kong Edition)"},"content":{"rendered":"\n<p><strong>TL;DR:<\/strong> An investment fund is a <em>collective investment<\/em> that pools investor money to buy assets under a professional manager. In Hong Kong, most funds fall under the <strong>Securities and Futures Ordinance (SFO)<\/strong> definition of a <strong>collective investment scheme (CIS)<\/strong>, and can be structured as a <strong>unit trust<\/strong>, <strong>open-ended fund company (OFC)<\/strong>, or <strong>limited partnership fund (LPF)<\/strong>\u2014each suiting different strategies and investor types.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What exactly is a \u201cfund\u201d in Hong Kong?<\/strong><\/h2>\n\n\n\n<p>Under the SFO, a fund is typically a <strong>collective investment scheme<\/strong>\u2014arrangements where investors pool money\/property, don\u2019t have day-to-day control, and expect profits managed by someone else. This modern definition captures familiar ideas like mutual funds, unit trusts and private funds.<\/p>\n\n\n\n<p><strong>Core features (plain-English):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Pooling:<\/strong> investors\u2019 money is combined to invest at scale<br><\/li>\n\n\n\n<li><strong>Professional management:<\/strong> usually by an SFC-licensed <strong>Type 9 (asset management)<\/strong> manager if management is conducted in HK<br><\/li>\n\n\n\n<li><strong>Diversification &amp; rules:<\/strong> the fund\u2019s offering docs\/LPA or instrument of incorporation set what the manager can do, how fees work, and investors\u2019 rights<br><\/li>\n\n\n\n<li><strong>Open-ended vs closed-ended:<\/strong> open-ended funds allow redemptions; closed-ended funds (e.g., PE\/VC) don\u2019t, and return capital after exits<br><\/li>\n\n\n\n<li><strong>Key gatekeepers:<\/strong> manager, custodian\/trustee, auditor, administrator (varies by structure)<br><\/li>\n<\/ul>\n\n\n\n<p>In HK, carrying on <em>asset management<\/em> as a business generally requires an <strong>SFC Type 9 licence<\/strong> (with some nuances depending on activity and structure).<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Common Fund Structures&nbsp;<\/strong><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>1) Unit Trust&nbsp;<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What it is:<\/strong> Fund formed by trust deed; trustee holds assets for investors (unit-holders).<br><\/li>\n\n\n\n<li><strong>Best for:<\/strong> Traditional retail mutual funds, passives, and some institutional mandates.<br><br><\/li>\n<\/ul>\n\n\n\n<p><em>(No separate citation needed here beyond CIS definition.)<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>2) Open-Ended Fund Company (OFC)&nbsp;<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What it is:<\/strong> A <strong>company with variable capital<\/strong> purpose-built for funds under the SFO; allows share redemptions out of capital (not possible for ordinary companies). Must appoint a <strong>Type 9<\/strong> manager and a <strong>custodian<\/strong>. <a href=\"https:\/\/www.sfc.hk\/en\/faqs\/Publicly-offered-investment-products\/Presentation-Materials-on-Open-ended-Fund-Companies?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>Regulation &amp; \u201cone-stop\u201d setup:<\/strong> SFC registers or authorises the OFC and coordinates incorporation with the Companies Registry and business registration\u2014in a single process.<a href=\"https:\/\/www.sfc.hk\/en\/faqs\/Publicly-offered-investment-products\/Open-ended-Fund-Companies?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>Use cases:<\/strong> Hedge\/long-only strategies, liquid alts, multi-asset\u2014anything that benefits from corporate form + open-ended liquidity.<br><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>3) Limited Partnership Fund (LPF)&nbsp;<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>What it is:<\/strong> A <strong>contractual limited partnership<\/strong> for private funds (PE\/VC, credit, real assets). Requires a <strong>general partner<\/strong>, <strong>investment manager<\/strong>, <strong>responsible person (AML\/CTF)<\/strong> and <strong>auditor<\/strong>; the manager must be licensed <strong>if<\/strong> it carries on regulated asset management in HK.<a href=\"https:\/\/www.cr.gov.hk\/en\/legislation\/lpf.htm?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>Why GPs like it:<\/strong> Global \u201cLP\u201d look-and-feel (Delaware\/Cayman-style economics and flexibility) with Hong Kong law and access to local concessions.<a href=\"https:\/\/www.mofo.com\/resources\/insights\/200907-new-regime-hong-kong?utm_source=chatgpt.com\"><br><\/a><\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>4) Re-domiciliation\u2014move existing offshore funds into HK<\/strong><\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Hong Kong lets <strong>overseas corporate funds<\/strong> re-domicile as <strong>OFCs<\/strong>, and <strong>overseas partnerships<\/strong> re-register as <strong>LPFs<\/strong>, preserving legal continuity. Mechanisms took effect in <strong>2021<\/strong>.<a href=\"https:\/\/www.cr.gov.hk\/en\/publications\/docs\/ec2-2021-e.pdf?utm_source=chatgpt.com\"><br><\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who does what? (At a glance)<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Fund Manager (SFC Type 9 where applicable):<\/strong> discretionary portfolio management; subject to SFC codes (e.g., FMCC) when licensed.<a href=\"https:\/\/www.sfc.hk\/en\/Regulatory-functions\/Intermediaries\/Licensing\/Do-you-need-a-licence-or-registration?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>Custodian\/Trustee:<\/strong> safekeeping and oversight\u2014<strong>mandatory for OFCs<\/strong> (specific custodian standards apply).<a href=\"https:\/\/www.sfc.hk\/en\/Rules-and-standards\/Codes-and-guidelines\/Codes\/Code-on-Open-ended-Fund-Companies?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>Administrator:<\/strong> NAV, transfer agency, reporting (contractual, not always mandated).<br><\/li>\n\n\n\n<li><strong>Auditor:<\/strong> annual audit (required for LPFs).<a href=\"https:\/\/www.cr.gov.hk\/en\/publications\/docs\/40-e.pdf?utm_source=chatgpt.com\"><br><\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>How are Hong Kong funds taxed?<\/strong><\/h2>\n\n\n\n<p><strong>Unified Fund Exemption (UFE):<\/strong> Since <strong>1 April 2019<\/strong>, <em>privately offered<\/em> funds\u2014onshore or offshore\u2014can enjoy profits tax exemption on qualifying transactions (subject to conditions). This is the bedrock tax rule for private funds operating in\/through HK.<\/p>\n\n\n\n<p><strong>Carried Interest Concession:<\/strong> Eligible carried interest accruing <strong>on\/after 1 April 2020<\/strong> can be taxed at <strong>0% profits tax<\/strong> for qualifying persons; there are also <strong>salaries tax concessions<\/strong> for employees receiving eligible carry (with employer reporting obligations).<\/p>\n\n\n\n<p><strong>System-wide advantages:<\/strong> HK\u2019s <strong>territorial source<\/strong> principle + <strong>no VAT\/sales tax, no capital gains tax, and no withholding on dividends\/interest<\/strong> are central reasons managers use HK.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Picking the right structure<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Retail \/ daily liquidity \/ ETFs:<\/strong> typically <strong>Unit Trust<\/strong> or <strong>public OFC<\/strong>.<a href=\"https:\/\/www.sfc.hk\/en\/faqs\/Publicly-offered-investment-products\/Open-ended-Fund-Companies?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>Liquid hedge\/alt strategies:<\/strong> <strong>Private OFC<\/strong> can be attractive (corporate form + variable capital).<a href=\"https:\/\/www.sfc.hk\/en\/faqs\/Publicly-offered-investment-products\/Presentation-Materials-on-Open-ended-Fund-Companies?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>PE\/VC\/credit\/real assets:<\/strong> <strong>LPF<\/strong> mirrors global PE economics and governance.<a href=\"https:\/\/www.mofo.com\/resources\/insights\/200907-new-regime-hong-kong?utm_source=chatgpt.com\"><br><\/a><\/li>\n\n\n\n<li><strong>Existing offshore fund looking to anchor in HK:<\/strong> consider <strong>re-domiciliation<\/strong> to OFC\/LPF.<a href=\"https:\/\/www.cr.gov.hk\/en\/publications\/docs\/ec2-2021-e.pdf?utm_source=chatgpt.com\"><br><\/a><\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>FAQs (quick hits)<\/strong><\/h2>\n\n\n\n<p><strong>Do I need a licence?<br><\/strong> If you\u2019re <strong>carrying on asset management in HK<\/strong>, yes\u2014<strong>SFC Type 9<\/strong> is generally required (nuances apply for delegation\/incidental activities).<\/p>\n\n\n\n<p><strong>Can a foreign fund migrate to Hong Kong?<br><\/strong> Yes\u2014<strong>corporate funds<\/strong> to <strong>OFC<\/strong>, <strong>partnership funds<\/strong> to <strong>LPF<\/strong>, keeping continuity (subject to statutory steps).<\/p>\n\n\n\n<p><strong>Does Hong Kong tax my investors\u2019 capital gains?<br><\/strong> HK <strong>does not levy capital gains tax<\/strong>; funds rely on <strong>UFE<\/strong> for profits tax exemption (conditions apply). Always get structuring advice.<\/p>\n\n\n\n<p><strong>CTA:<\/strong> Want help choosing between <strong>LPF<\/strong> and <strong>OFC<\/strong> (or re-domiciling)? <strong>WhatsApp us at +852 9720 3003<\/strong> or email <strong>info@titus.com.hk<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Related reading<\/h3>\n\n\n\n<p>\u2022 <a href=\"https:\/\/titus.com.hk\/the-open-ended-fund-company-ofc-in-hong-kong-what-you-need-to-know\/\">The Open-Ended Fund Company (OFC) in Hong Kong<\/a><br>\u2022 <a href=\"https:\/\/titus.com.hk\/the-limited-partnership-fund-lpf-in-hong-kong-a-complete-guide\/\">The Limited Partnership Fund (LPF) in Hong Kong: A Complete Guide<\/a><br>\u2022 <a href=\"https:\/\/titus.com.hk\/contact-us\/\">Contact Titus<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR: An investment fund is a collective investment th [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5041,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_vp_format_video_url":"","_vp_image_focal_point":[],"footnotes":""},"categories":[11,4,8,171],"tags":[],"class_list":["post-4999","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","category-blog","category-commercial-law","category-investment"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What Is an Investment Fund? 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