There are various types of open-ended investment fund in the UK, the Open-Ended Investment Company (OEIC) is one of the most popular.

These funds are sometimes referred to as Investment Companies with Variable Capital (ICVCs). They are different from authorised unit trusts in that they are constituted under company law rather than trust law. Instead of a trustee, an OEIC has an Authorised Corporate Director (ACD) who is responsible for its day-to-day running and administration, and a depositary that holds the fund’s assets in safe custody and provides independent oversight of the ACD’s operations. Investment management is usually delegated by the ACD to a specialist fund manager.