sub-fund

(a) (in relation to an authorised fund that is an umbrella ) a separate part of the scheme property of that scheme that is pooled separately;

(aa) (in relation to an EEA UCITS scheme) any part of that scheme that constitutes an investment compartment for the purposes of the UCITS Directive;

(b) (in relation to a fund that is not an authorised fund or an EEA UCITS scheme) any part of that scheme that is equivalent to (a).