신탁 수탁자, 투자신탁 수탁자의 역할과 지위 비교

In a traditional trust structure, the trustee plays a main role in establishing a trust by receiving trust assets in their own name, separating the entrusted trust assets for the benefit of the beneficiaries, and safeguarding the assets, and if necessary, managing the trust assets. In other words, the trustee performs three roles: (i) role of asset partitioning by receiving the assets in the trustee capacity at the trust formation stage; (ii) role of custody and maintenance of the assets after the trust is established; and (iii) role of managing the trust assets when necessary. In contrast, in a unit trust structure, the trustee's roles of "safekeeping" and "management" of the trust assets are separated. This means that a new entity, the collective investment manager, emerges to actively manage the trust assets. However, the trustee's role of "safekeeping" the trust assets remains, and the trustee is further charged with the newly imposed role of "monitoring the collective investment manager's management activities." Even in the case of private equity funds structured as unit trust formation, the fundamental roles and obligations of the trustee remain unchanged. As long as the unit trust structure is adopted, the trustee's fundamental roles of ① "custody and maintenance" of trust assets and ② "management oversight" remain intact, and is to be enforced as such upon the trustee.