Collective Investment Fund

A collective investment scheme is a way of investing money with other people to participate in a wider range of investments than may be feasible for an individual investor and to share the costs of doing so.Terminology varies with country but collective investment schemes are often referred to as managed funds, mutual funds or simply funds (note: mutual fund has a specific meaning in the US). Around the world large markets have developed around collective investment and these account for a substantial portion of all trading on major stock exchanges.
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A term used broadly to describe any fund which consists of shared or common ownership among participating accounts. Common trust funds and commingled employee benefit funds (pooled funds) of banks and trust companies are examples of CIF's.