Definitions for "Master fund"
An investment vehicle that enables individual investors or small superannuation funds to channel money into one or more underlying investments, most commonly wholesale or retail pooled funds operated by professional investment managers. They can take the form of:(a) discretionary funds where the individual investors selects the underlying investment products;(b) fund of funds where the investor selects a general risk profile eg growth, capital stable etc (c) feeder funds which operate similarly to fund of funds arrangements but with the master fund manager also being responsible for managing the underlying investments. Management Expense Ratio (MER) A ratio expressing the management, trustee and certain other expenses of a pooled investment fund as a proportion of the net asset value of the fund.
An investment vehicle that enables individual investors or small superannuation funds to channel money into one or more underlying investments most commonly wholesale or retail pooled funds operated by professional investment managers. Master funds can generally be categorised into three distinct types: a) discretionary funds, where the individual investor selects the underlying investment product(s) from a list drawn up by the master fund manager fund of funds, where the investor selects a general risk profile (eg. growth, capital stable) but the master fund manager selects the underlying investments from among a range of products managed by external managers; and c) feeder funds, which operate similarly to fund of funds arrangements, but with the master fund manager also being responsible for managing the underlying investments. Master funds which are structured as prescribed interests are commonly referred to as Master Trusts. However, the term master fund encompasses the broader scope of the industry including products offered by life insurance companies.
A superannuation fund, which has one trustee deed, that allows a number of companies or individuals to join. Investment may be spread across a number of fund managers.