An investee is a vehicle that purchases fixed rate securities, funded by a mix of equity and debt instruments. The equity provides first loss protection to the debt investors. An asset manager has 30% interest in the equity. The remaining 70% equity and all debt are held by dispersed group of investors. The manager is remunerated at 1% of net asset value. The manager can be removed by the investors by simple majority vote, without cause. Does the fund manager have control over the fund?