ABSTRACT
This chapter deals with packaged or ‘collective’ investment schemes, products that invest in a wide spread of securities in order to reduce the risk to private investors. These products are sometimes also referred to as ‘managed funds’, although this phrase can have other, more specific uses. Even the term ‘investment fund’ is ambiguous, as it can refer to any large sum of money put aside for investment, for example a pension fund is a kind of investment fund. ‘Fund management’ is the management of such a fund, and a very different subject from ‘investment funds’ as construed here.
