Umbrella Fund
Unlike a unit trust, an ICVC can act as an umbrella scheme holding various sub-funds each with their own investment goals. For example one ICVC may hold a subfund investing called UK smaller companies and another subfund called UK equity income. Each subfund has its own investment aims and is held separately from other subfunds within the same ICVC. This has some cost savings for the investment manager.
Read more about this topic: Open-ended Investment Company
Famous quotes containing the words umbrella and/or fund:
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—Lewis Carroll [Charles Lutwidge Dodgson] (1832–1898)
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—Daniel Goleman (20th century)