Jargon buster
Index
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OECD
Stands for Organisation for Economic Co-Operation and Development. It is an international economic research and discussion organisation which was established in 1961. Its main aim is to promote and encourage strategy that will benefit economic and social well-being around the world. Its headquarters are in Paris, France and it has over 30 member countries.
OEIC
An Open Ended Investment Company (OEIC) is similar to a unit trust in that it is an open ended investment. This means that the fund will grow or shrink depending on the number of investors. There are however a few differences. As the name would suggest, an OEIC is set up as a company, rather than a trust. The funds in an OEIC are managed by an authorised company director and not a fund manager.
Offer price
The price at which units are bought.
Offshore company
A company incorporated in an offshore financial centre.
Ordinary power of attorney
Typically this type of power of attorney is used to appoint someone to manage a person's affairs temporarily. For example, when they are overseas.