One of the mysteries of the English language finally explained.
An offshore investment fund which invests only in other investment funds.
- ‘Fund supermarkets offer an umbrella fund for investors which invests in a range of other funds at their discretion.’
- ‘SO-CALLED "umbrella" portfolios have become very popular with fund management companies in recent years.’
- ‘Although not specifically defined in the Pension Funds Act (the Act), an umbrella fund is a separate legal entity, registered with NAMFISA and subject to the provisions of the Act.’
- ‘Pension funds are classified in three categories according to their size - small funds with no more than 500 members, medium funds with no more than 3 000 members and large funds with more than 3 000 members and umbrella funds.’
- ‘Each umbrella fund may also have a number of subfunds that incur legal fees of approximately another €10,000, and the same again for the auditor.’
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