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It depends on the structure of the fund (i.e. unit trust), how it receives investment and makes decisions on behalf of investors. However, if the fund is established as a unit trust (which is a common structure), then the trustee of the trust and investment manager would usually be providing a range of financial services and will require an AFSL.
There are several structures which are commonly used. Where the trustee and manager are related parties, they would commonly operate under the same AFSL which would be held by the trustee, manager or another related entity.
Given the structure of the fund will determine the entity that holds the AFSL and authorisations that are required, we recommend obtaining structuring advice prior to applying for an AFSL.