Umbrella fund

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An umbrella fund is an investment term used to describe a collective investment scheme which is a single legal entity but has several distinct sub-funds which in effect are traded as individual investment funds.

This type of arrangement originated in the European investment management industry, most notably with the SICAV (an open ended collective investment). The SICAV model was copied for the UK OEIC and offshore fund models.

Advantages

The umbrella fund structure makes it cheaper for investors to move from one sub-fund to another and save the investment manager costs relating to regulatory duplication.

References

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v • d • e Investment management
Collective investment schemes	Common contractual funds • Fonds commun de placements • Investment trusts • Hedge funds • Unit trusts • Mutual funds • ICVC • SICAV • Unit Investment Trusts • Exchange-traded funds • Offshore fund • Unitised insurance fund
Styles and theory	Active management • Passive management • Index fund • Efficient market hypothesis • Socially responsible investing • Net asset value
Related Topics	List of asset management firms • Umbrella fund • Fund of funds • UCITS