The glossary to understand and take action

Depositary

Party responsible for asset safekeeping, oversight and cash monitoring functions for a fund, in accordance with its applicable framework.

Notion comptable, fiscale ou juridique · Luxembourg Fiduciaries Editorial Team · Reviewed on

Understand the scope

Definition and points to distinguish

The depositary performs functions distinct from management and administration. Its eligibility, duties and delegation conditions depend in particular on the fund and the manager's status. Its presence does not guarantee returns.

In your file

What this changes in practice

A fund's depositary performs functions defined by the applicable regime, which may in particular include safekeeping or verification of ownership and oversight duties. It does not select all investments in place of the manager. The nature of the assets and the fund structure influence the organisation. Each party's responsibilities must be clear in the documentation and contracts.

A scenario to help you understand

Educational example

A fund invests in unlisted assets. The parties arrange the ownership documentation and controls appropriate to the vehicle's regime.

Fictitious situation, presented to illustrate the concept.

Prepare for what comes next

Points to check

  • Identifier le régime du fonds
  • Définir les fonctions du dépositaire
  • Organiser la circulation des informations

The practical question

Find out more

Pourquoi distinguer dépositaire, gestionnaire et administrateur du fonds ?

Leurs fonctions et responsabilités ne sont pas interchangeables. La gestion des investissements, la tenue administrative et les missions de garde ou surveillance répondent à des cadres spécifiques. Une répartition claire permet de savoir qui fournit, vérifie et reçoit chaque information. Le montage doit être cohérent avec le régime du fonds et la nature des actifs détenus.

Connecting concepts

Terms to know as well

Continue with the concepts, contacts and procedures related to this topic.

Reserved alternative investment fund (RAIF / FIAR)The RAIF, or FIAR in French, is a fund governed by a specific Luxembourg regime, with conditions specific to investors and its organisation.Alternative investment fund manager (AIFM / GFIA)The AIFM, referred to as GFIA in French, manages alternative investment funds in accordance with the framework applicable to it.CSSFThe Commission de surveillance du secteur financier (CSSF) is a Luxembourg supervisory authority within the scope assigned to it by law.Professional of the financial sector (PSF)A professional of the financial sector (PSF) is subject to a regulated status corresponding to a category of activities and the required authorisations.Institut des réviseurs d’entreprises (IRE)The Institut des réviseurs d’entreprises (IRE) is the professional body for statutory auditors in Luxembourg.Special limited partnership (SCSp)The special limited partnership (SCSp) is a Luxembourg partnership without separate legal personality.

Put it into practice

Explore further with our guides

Practical guideRAIF / FIAR in Luxembourg: framework and parties to distinguishPractical guideInvestment funds: understanding the roles before choosing a service provider

Sources and verification

References consulted on 20 September 2026. Official procedures specify the applicable conditions and exceptions.

This guide explains a general process. The applicable rules depend on your situation; it does not constitute personalised advice. Report a correction.

A definition gives you a reference point. To examine your situation, clarify your question with a professional.