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A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, [1] and also properties, mortgage and cash equivalents
The terms "OEIC" and "ICVC" are used interchangeably with different investment managers favouring one over the other. In the UK OEICs are the preferred legal form for new open-ended investment over the older unit trust. As an open-ended company the manager must create shares when money is invested and redeem shares as requested by shareholders.
A RIC is a trust, corporation or partnership in which investors have common investment and voting rights but do not have direct interest in investments of the investment company or fund. A grantor trust, in contrast, grants investors proportional ownership in the underlying securities. A UIT is created by a document called the Trust Indenture.
US mutual funds, UK unit trusts and OEICs, European SICAVs, and hedge funds are all examples of open-ended funds. The price at which shares in an open-ended fund are issued or can be redeemed will vary in proportion to the net asset value of the fund and so directly reflects its performance.
Collective trusts are commonly used for defined benefit plans and, when daily valuation is possible, for defined contribution plans.Collective trusts generally are excluded from the definition of an “investment company” under Section 3(c)(11) of the Investment Company Act of 1940, and interests in these funds are generally exempt from registration under Section 3(a)(2) of the Securities ...
U.S.-based closed-end funds are referred to under the law as closed-end companies and form one of three SEC-recognized types of investment companies along with mutual funds and unit investment trusts. [7] Like their better-known open-ended cousins, closed-end funds are usually sponsored by a fund management company.
Equalization payments are cash payments made in some federal systems of government from the federal government to subnational governments with the objective of offsetting differences in available revenue or in the cost of providing services. Many federations use fiscal equalisation to reduce the inequalities in the fiscal capacities of sub ...
The Undertakings for Collective Investment in Transferable Securities Directive (Directive 2009/65/EC, "UCITS") [1] is a EU directive that allows collective investment schemes to operate freely throughout the EU on the basis of a single authorisation from one member state.