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An Oeic fund can offer different types of share or sub fund to suit different types of investor, so private individuals can invest in the same funds as large institutions and pension fund managers.
The expertise of different fund management teams can be combined to benefit both large and small investors, while streamlining the administration and management costs of the fund.
Clients receive less paperwork, as each Oeic will produce one report and accounts for all sub funds, instead of separate reports for each fund.
In legal terms, unit trusts are much more complex. In fact, this is the main reason for their rapid conversion to Oeics. Unit trusts entitle an investor to participate in the assets of the trust, without actually owning those assets.
Investors in an Oeic, meanwhile, buy shares in that investment company. The ownership of unit trusts is divided into units. These rise and fall in value in line with the share price performance of the fund's underlying assets.
With unit trusts, the fund's assets are protected by an independent trustee and are managed by a fund manager. Oeics are protected by an independent Thesis thameside managed unit trust and managed by an authorised corporate director.
It is possible to reduce these charges by investing through a discount broker or fund supermarket, but this means acting without financial advice. Charges on Oeics are pretty transparent. Any initial charge is shown as a separate item on your transaction statement - so the whole transaction is clear and easy to understand.
Oeics are cheaper to run than unit trusts because they can contain a number of sub-funds, rather than each unit trust needing to be a separate entity. This cuts down on the costs of administration. In theory, this should lead to lower charges for investors. Choosing a fund There are around 2, funds to choose from and they are divided into different types or sectors.
Choosing one can be a nightmare. You can buy units in funds that invest in a range of financial instruments including corporate bonds, gilts, other unit trusts or even property, but traditionally they are invested in shares only.
It may be sensible to get expert help, unless you are prepared to research the different sectors yourself. Tax-free Isa wrapper Unit trusts and qualifying Oeic funds can be held within an Isa wrapper or Pep and enjoy the same tax efficient advantages.
How to invest Investors can buy Oeics via their authorised corporate directors equivalent to unit trust fund managerscompany sales people, independent financial advisers IFAs or stockbrokers.
For unit trusts contact the unit trust fund management company, discount brokers, fund supermarkets or IFAs. Income and accumulation units There are essentially two ways you can choose to be paid any income that the fund generates.
If you want a regular cash payment, you should invest in income inc units. Income from funds is usually paid twice a year. When you sell your units you may be liable to Capital Gains Tax if your gain takes you over your allowance.
If you want any income to be reinvested in the fund, choose accumulation acc units. For more information You can find price and performance details of all available unit trusts in the Unit trusts and Oeics section of This is Money.
Alternatively, The Investment Management Association IMA will provide key details on unit trusts and Oeics, including charges and minimum investment requirements. The association also has a website at www.MANAGING PUBLIC SECTOR RECORDS A Training Programme Managing Archives: A Procedures Manual INTERNATIONAL COUNCIL ON ARCHIVES INTERNATIONAL RECORDS MANAGEMENT TRUST.
An equity unit investment trust is a publicly offered, pooled trust fund managed by an investment company. Equity unit investment trusts are managed by investment companies and can be offered.
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