The administration and investment decision of an L-QIF in the legal form of a SICAV must be delegated to one and the same fund management company.
The management of an L-QIF in the legal form of an LPCI must be delegated to a manager of collective assets.
The sub-delegation of investment decisions is governed by Article 118g paragraphs 2 and 3.
The management of an L-QIF in the legal form of an LPCI need not be delegated if the general partners are banks, insurance companies within the meaning of the IOA1, securities firms, fund management companies or managers of collective assets.
The articles of association or partnership agreement must specify to whom the management or administration is delegated.