This specialty paper examines the role and influence of depositary in the process of investment funds portfolio management. The trepaper analyzes change sin the change sin the number of investment funds and asset structure of the investment funds within a certain period and gives an overview of the legal and other investment limitations for investment funds. The role of the deposit bank is shown through the Law on Open Investment Funds with Public Offering and the Act on Alternative Investment Funds and through the relationship between the depositary and the management company and regulator. The impact of the depositary in the investment fund business is shown in the description of the valuation of assets of the investment fund and the movement of the size of fees and payment method charges the depositary under Croatian experience and share of such fees in the total costs in the management of portfolios. Also, there are situations where there may be a potential conflict of interest between the depositary and the management company, in particular when the management company is linked to the depositor. The influence of the depositor is depicted as the commercial relationship of the depositor with the money fund also reflects on the structure of the monetary aggregates. At the end of the paper, the results of the research carried out are presented in the manner of performing contractual obligations of the depositor towards the investment fund and analysis of the distribution of fund assets by depositors. Also, there is a survey of the extent to which the assets of investment funds are present at depositors.