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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.
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 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.
Australia introduced a formal system of horizontal fiscal equalisation (HFE) in 1933 to compensate states/territories which have a lower capacity to raise revenue. The objective is full equalisation which means that, after HFE, each of the six states, the Australian Capital Territory and the Northern Territory would have the capacity to provide services and the associated infrastructure at the ...
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.
This equalisation is intended to strengthen cantonal financial autonomy and reduce the differences in the tax burden between the cantons. The payments are funded both by the Confederations (two thirds) and by the cantons (one third). In 2023, equalisation of resources represents 78% of payments, and equalisation of costs 16%.
Unitised insurance funds or unit-linked insurance funds are a form of collective investment offered life assurance policies. [ 1 ] An insurance company's contract may offer a choice of unit-linked funds to invest in. Insurers that offer these contracts are mainly found in the UK and British Isles offshore financial centres .
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.