Philippines’ SEC says it will soon allow investment companies to be formed as umbrella funds, or open-end investment companies made up of two or more sub-funds pursuing different investment objectives, policies, and strategies.
- Proposed new rules, up for public comment, to give investment firms additional operational flexibility and cost savings, SEC says in statement
- Assets of a sub-fund will belong exclusively to that sub-fund
- Umbrella fund may register all of its securities at once, allocate approved shares or units to any of its sub-funds
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