Closed-End Management Company

An investment-management company that sells a limited number of shares to investors on an exchange by way of an initial public offering. For investors to sell the shares they purchased from the closed-end management company, there must be buyers willing to buy the shares at a price determined by the market. The most common type of closed-end management company is a closed-end mutual fund.

Investopedia Says:
Closed-end management companies are not required to repurchase the shares that they have sold to investors. Investors in these types of funds sell their own shares at the market price of the security, even if that price is significantly below the net asset value of the portfolio that their shares represent. It is common for the price of closed-end funds to be above or below the actual NAV.

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Investment Company that operates a mutual fund with a limited number of shares outstanding. Unlike an Open-End Management Company, which creates new shares to meet investor demand, a closed-end fund has a set number of shares. These are often listed on an exchange. See also Closed-End Fund.

A management investment company that issues a fixed number of shares. The shares are redeemable through secondary market transactions rather than directly from the investment management company as in an open-end management investment company [mutual fund]. The shares of a closed-end management company are generally listed for trading on a stock exchange.