Browsing: Chase Bank

Absa group in a shocking decision move closed down Absa Money Market Fund (AMMF), worth around $5,623,236,000. But according to the Prudential Authority [PA], they had no concerns regarding the group’s decision after its long engagements with the bank since last year.

The bank’s official line is that its decision to close the fund was based on an independent review that found clients believed investments in the fund enjoyed the same safety guarantees as cash held in a bank account. This was partly due to the fund’s rather unusual integration into Absa’s banking system as it allowed investors to make withdrawals from the fund directly from ATMs not a typical feature of most unit trusts.

The South African Reserve Bank (SARB) said the Prudential Authority (PA) had a number of engagements with Absa Group (AGL) during the course of 2020 and 2021 on the proposed closure of the Absa Money …