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Investment trusts
Investment trusts have a similar name to unit trusts, and they also pool investments managed by specialists. However, the similarities end there. Investment trusts are much older - starting in 1868 compared to 1935; they are subject to lower charges and they are 'closed ended' funds. This means that, if people want to buy more of them, and because their quantity is limited then their share prices can rise above the value of the assets they own. In brief, investment trusts are limited companies which invest in other limited companies. Most of them are quoted on the stock exchange: there are over 300 investment trusts. Investors buy and sell them through stockbrokers (they buy and sell unit trusts through the managers). In the financial pages, their share prices are shown along with a column showing the percentage premium or discount of the share price to the net average value of a share (NAV). Investment trusts can borrow long term so as to invest in more assets, rather than asking the shareholders for more money. However, because the number of shares is fixed (hence their name of 'closed funds'), the share price can vary more sharply than the price of the underlying assets. The price can fall to a discount below the NAV. In fact, this is common with investment trusts.
X. Find the terms which match the following definitions:
merchant banks; financial intermediary; unit trust; retail banking; financial institution; building society; wholesale banking; discount house; clearing bank; overseas banks
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