General term for unitised investments such as unit trusts and PEPs.

An investment where a group of investors pool their money into a fund such as a Unit Trust, which is then invested in a wide spread of stocks and shares and fixed interest securities. In return, investors receive units in the fund and the fund manager aims to achieve maximum returns based on the investment objectives and policy of the fund.

Funds which pool investors' money and invest on their behalf. This term refers to unit trusts* and OEICs*.