ManCo: definition, creation and key advantages

Updated March 29, 2026 - The term ManCo refers in practice to a management company, in other words a portfolio management company or a management structure according to the applicable regulatory framework. In France, it is not a simple consulting company. A ManCo requires approval and strong requirements in terms of capital, governance, control and passport.

In market usage, a ManCo designates an entity responsible for managing UCITS, AIFs or mandates within a regulated framework. The AMF recalls, through its authorization doctrine, that a portfolio management company must comply with an authorization file, information obligations and passport conditions.

To put this topic into perspective, also see Getting started in investing: should you go through a management company?, International subsidiary, and Business creation: expert formula.

Seat and form

The general regulations of the AMF provide that the portfolio management company must have its head office in France and statutes compatible with the laws and regulations applicable to it.

Minimum capital

The AMF text recalls a central point: the minimum share capital is 125,000 euros, with additional equity requirements depending on the assets managed.

Governance and control

A ManCo is not created only with statutes. It also requires a program of activity, control functions, robust compliance and credible governance.

• ▸carry out a management activity within a regulated framework;
• ▸access, according to approval, management and passport capabilities;
• ▸strengthen institutional credibility;
• ▸properly organize delegation and supervision.

• ▸the cost of compliance is significant;
• ▸the requirement for own funds and control is permanent;
• ▸regulatory changes, particularly around AIFM 2, require continuous monitoring.

Hayot Expertise Advice: a ManCo never thinks of itself as a simple legal shell. It is a project of approval, governance and compliance.

We help to frame the structure, governance and legal and fiscal impacts of a ManCo or management company project.

Quick link: Structuring your regulated project with expert support

In 2026, ManCo remains a structure with high value but high demands. Its creation must be approached as a regulatory project, not as a simple societal formality.

Contact: Do you want to validate the feasibility of your ManCo project before starting work? Our firm can help you lay the right legal and organizational foundations. Make an appointment with Hayot Expertise

(Official sources: AMF - approval procedure for management companies, AMF general regulations, AIFM file 2)