المدربA UCITS is a fund authorised under the European Union’s directive on undertakings for collective investment in transferable securities: it may be sold to the public across the Union, and in exchange it must invest within eligible assets and diversification limits and redeem its units at any investor’s request, suspending only in exceptional cases. A separately managed account is a portfolio held in one investor’s own name and managed under an investment management agreement, outside any pooled fund.
