ABSTRACT
A major form of institutional investment is the mutual fund. Mutual funds come in many varieties. In the United Kingdom there are three broad types.These are investment trusts, unit trusts, and OEICs (Open-Ended Investment Companies – pronounced ‘oiks’). Some people prefer to restrict the term ‘mutual funds’ to unit trusts and OEICs, but this is just a matter of semantics. Similar instruments exist in other countries, but often with different names.These forms of collective investment have both similarities and differences.
