The FSA's review of CISs left the industry with three types of funds, Ucits and non-Ucits retail, an...
The FSA's review of CISs left the industry with three types of funds, Ucits and non-Ucits retail, and institutional vehicles. Retail funds, either Ucits or non-Ucits, have to be open to the public, issue key facts documents prior to units being bought by investors and have limited investment and borrowing powers plus a specified list of acceptable assets. For Ucits funds, which include the majority of UK-domiciled portfolios, qualifying assets involve transferable securities, deposits, derivatives, money market investments and CISs. Non-Ucits funds can also use these assets plus gold and ...
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