Both local and foreign funds offered in Singapore are regulated as a Collective Investment Scheme (CIS). These are generally open to anyone. Fund managers are appointed to manage funds or unit trusts. In return, they are paid a management fee from the fund based on a percentage of the assets managed. Some unit trusts are more complicated and are categorised as Specified Investment Products (SIPs). Investors must be certified to have the relevant knowledge and investment experience before they can participate in SIPs.