Widely Held Fixed Investment Trust - WHFIT

A fixed investment trust that is held by at least one third party, or middleman, rather than the owner of the trust. A widely held fixed investment trust (WHFIT) is set up by an investor or group of investors who create a portfolio of investments that are generally low risk/return. The investors then sell shares of the trust to different individuals. Holders of the trust are paid dividends and interest at regular intervals.

The 'middleman' refers to a holder of a trust that is holding the trust on behalf of someone else. The middleman can also be the person that acts as an intermediary for another person's account. A broker is an example of a middleman.