For the purposes of the Listing Rules (and the proposed UKLR), an entity whose primary object is investing and managing its assets with a view to spreading or otherwise managing investment risk, for example, a closed-ended investment fund (CEIF) or open-ended investment company (OEIC).

The UKLR are expected to come into force early H2 2024 and will replace the LR.

When considering this term in the context of financial services, reference should be made to the FCA Handbook glossary definition of investment entity.