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A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager. Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, [1] and also properties, mortgage and cash equivalents
In the UK OEICs are the preferred legal form for new open-ended investment over the older unit trust. As an open-ended company the manager must create shares when money is invested and redeem shares as requested by shareholders. As with other collective investments, the main function of OEICs is to make money for their shareholders.
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Most unit trusts are dual priced. Single priced vehicles notionally have a single price for units/shares and this price is the same if buying or selling. As single prices vehicle cannot adjust the difference between the buying and selling price to adjust for market conditions, another mechanism, the dilution levy exists.
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Under a GRAT, an irrevocable trust is created for a set period. Irrevocable trusts cannot be modified, amended or terminated without the grantor’s beneficiary’s permission or by a court’s order.