An offshore fund offering a variety of sub-funds allowing an investor to switch between them, e.g. different currencies, different stockmarkets. This formerly offered capital gains tax benefits, but these were removed by the 1989 Budget.
An investment fund comprising several sub-funds. Each sub-fund is usually invested in different market sectors or geographical areas. Investors can generally switch between sub-funds free of charge.
A collective fund containing several sub-funds, each of which invests in a different asset class.
An investment fund structure comprising several sub-funds, each invested in different geographical areas or market sectors. Investors normally have the facility of switching between sub-funds free of charge.
A single authorised scheme with any number of sub-funds. Investors (shareholders) may switch (transfer) from one share class to another.
An investment company which has a group of stand-alone sub-funds, each having its own investment portfolio, maybe in a different currency from that of the umbrella fund. The purpose of this structure is to provide investment flexibility and widen investor choice.
An umbrella fund is an investment term used to describe a collective investment scheme which is a single legal entity but has several distinct sub-funds which in effect are traded as individual investment funds.