open ended investment company

open ended investment company
An investment fund of variable size in corporate form. It is a collective investment scheme that acquires investments such as stocks and shares, gilts, bonds and cash with the aim of spreading investment risk and giving its investors (who hold shares in the OEIC) the benefit of the results of the management of those investments. OEICS are defined in section 236 of the Financial Services and Markets Act 2000.
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Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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