Absa closes its money market unit trust for good – here’s what that means
Absa is ending its 25-year-old money market unit trust because, it says, many investors mistakenly believe it guarantees returns.
Investments will be paid out or they can reinvest into another fund by 1 July 2021.
The Money Show’s Bruce Whitfield interviewed Kokkie Kooyman, a Portfolio Manager at Denker.
Standard Bank renamed their money market…Kokkie Kooyman, Portfolio Manager - Denker
Interest rates have dropped considerably… They’re saying to clients to rather move their money to a savings account… It’s simply the pressure of lower interest rates on the fee…Kokkie Kooyman, Portfolio Manager - Denker
Listen to the interview and a statement by Absa in the audio below.
This article first appeared on CapeTalk : Absa closes its money market unit trust for good – here’s what that means
Source : https://www.123rf.com/photo_156497575_prince-albert-south-africa-jun-02-2019-absa-bank-sign-on-the-side-of-a-building-.html?term=absa&vti=mopsd5b4r6lpcb0m2r-1-4
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