Term:
Unit trust and open-ended investment company (OEIC)
Definition:
A unit of an open-end fund or an open-ended investment company (OEIC) governed by a trust deed or memorandum with specific investment objectives. The funds are pooled under management, and the price of units is based on net asset value. Purchases and sales are largely directed through the managers. (Issued in registered form; the units may be certificate or dematerialized.)
Domain:
Finance
Source:
Coordinated Portfolio Investment Survey Guide, Second Edition, International Monetary Fund, 2002, Washington DC. Appendix VI: Definition and Description of Instruments