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umbrella fund

Line breaks: um|brella fund

Definition of umbrella fund in English:

noun

An offshore investment fund which invests only in other investment funds.
Example sentences
  • 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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