Entry from British & World English dictionary
Definition of umbrella fund in English:
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.
- 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.
- 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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