Business Insider reports that ABSA to shut down its R85 billion money market fund or ‘unit trust’ on 6 July 2021, ABSA money market is the largest fund in South Africa, where a lot of South African invest in with the hope to get better returns.
Why are they closing it? They could not match their clients expectations in terms of returns, and their clients have a wrong impression that the returns promised are guaranteed!
ABSA clients seek better returns and now their hope is dashed.
What are other alternative opportunities or markets out there?
Kindly note, this is not investment advise and anyone investing must invest what they are also prepared to lose.
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