Definition
What is Managed Investment Scheme (MIS)?
A collective investment vehicle where investor funds are pooled and managed by a professional manager.
A Managed Investment Scheme (MIS) is the formal term under NZ law for collective investment vehicles where investors pool their money to be managed by a professional fund manager. Most wholesale funds operate as registered or unregistered MIS.
Types of MIS: - Registered MIS - Registered with the Financial Markets Authority, subject to disclosure requirements - Unregistered MIS - Offered only to wholesale investors, fewer regulatory requirements
Key Features: - Professional fund management - Pooled investment approach - Defined investment mandate - Regular reporting to investors - Independent supervisor (for registered MIS)
MIS can take various legal forms including unit trusts, companies, and limited partnerships. The MIS structure provides flexibility while ensuring proper governance and investor protections appropriate to the investor type.
Related Terms
Unit Trust
A common fund structure under the FMCA where investors hold units representing a proportionate interest in the trust assets, held by a supervisor on the investors' behalf.
PIE Fund (Portfolio Investment Entity)
A tax-efficient fund structure where tax is calculated at your Prescribed Investor Rate, often lower than marginal rates.
Limited Partnership (LP)
A fund structure where investors are limited partners with flow-through taxation and liability limited to their investment.
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Educational Content Disclaimer
This glossary provides general educational information only and does not constitute financial, legal, or tax advice. Definitions and explanations are simplified for educational purposes and may not cover all aspects or nuances of each term.
Before making any investment decision, you should seek independent advice from appropriately qualified professionals. Wholesale Investor does not recommend or endorse any particular investment, strategy, or fund manager.