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Absa money market fund closure⦠an opportunity to reconsider
By Opinion
By Theoniel McDonald
The recent news that Absa was closing down its reliable and popular money market fund caught the market by surprise, flooding it with speculation about the reason for this move. Given the size of the fund â around R80-billion â the reasons cited by Absa didnât fully convince, but the move did raise a number of other important questions.
Absa said its decision was motivated by clients who perceived the fund as being guaranteed by the bank. A second reason given, was that clients tended to incorrectly use the fund as a bank account.