Understanding the Markets

can be listed on an exchange but most likely will be bought and sold

via the ACD.

Private portfolios are diverse and very often this type of ‘fund’ is

under the terminology of private banking although it can also be a

fund set up under a family trust or as a result of a will. Few rules

apply and the fund may be managed by an individual or by a

manager. Many banks and brokers provide such facilities for high net

worth clients in their asset management services.

An offshore fund denotes a collective investment scheme estab-

lished outside the UK, usually open-ended companies issuing shares

on a similar basis to a UK OEIC. Schemes established in the

European ...