Abstract
The relation between the investment fund's asset manager and its investors can be neutral, particularly for the investor investing few hundred crowns in UCITS fund every month. He or she places a direct debit, from time to time checks the portfolio and does no expect any other interaction with the asset manager than receiving regular information.
However, if the investor is a qualified investor, bringing significant assets to the fund, in order to be managed by a professional manager, he or she has usually very good idea, how such assets should be managed. According to the law, the asset manager, overseen by the Czech National Bank, is obliged to act with due care.
This requirement can be potentially in conflict with best interest of the investors, or, at least their opinion of their best interest. This paper suggest possible way of resolving this conflict.