OEIC - Pronounced as "oiks", this stands for Open-Ended Investment Companies. Although not dissimilar to unit trusts and investment trusts, an OEIC is basically a company which can be self-contained or it can form an "umbrella" over a range of individual funds (sometimes referred to as sub-funds). Instead of units, an OEIC issues shares and these can be of different classes - for example, for income accumulation, for income distribution, or classes where income is paid gross or net of lower-rate income tax. Save & Prosper"s New Europe Fund is an OEIC.
OEIC : pronounced as "oiks", this stands for open-ended investment companies. although not dissimilar to unit trusts and investment trusts, an oeic is basically a company which can be self-contained or it can form an "umbrella" over a range of individual funds (sometimes referred to as sub-funds). instead of units, an oeic issues shares and these can be of different classes - for example, for income accumulation, for income distribution, or classes where income is paid gross or net of lower-rate income tax. save & prosper"s new europe fund is an oeic.
OEIC