Master-Feeder structure

A master-feeder construction is a special fund structure, in which a feeder UCITS permanently invests at least 85% of its fund assets in a master UCITS. The purpose of the feeder UCITS is to collect client funds and to “feed” the master UCITS. The master UCITS are able to achieve economies of scale. The relevant provisions can be found in Article 93 et seq. of the Investment Funds Act of 2011 (InvFG 2011).