Definitions for "Umbrella Fund"
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.