Funds and other investment vehicles
in The UK financial system (fifth edition)
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This chapter examines the investment institutions and other investment vehicles (i.e. funds which finance investment). It discusses the types of investment institutions: pension funds, long-term insurance companies, investment trusts, unit trusts, open-ended investment companies, property trusts, and exchange-traded funds. The portfolio investment of both long-term insurance companies and pension funds is determined by the nature of their liabilities and the return on and availability of the various types of financial asset. The chapter also examines the role played by the new funds: hedge funds, private equity, sovereign wealth funds (including central bank reserves) and money market funds. The importance of these new funds can be gauged by the fact that McKinsey & Company designated the first three the 'new power brokers'. The main types of alternative finance funding includes peer-to-peer lending, invoice funding, and crowd-funding.


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