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Absa is closing its money market fund, which has almost R86bn in assets under management, citing clients’ mistaken belief that investments in the fund would enjoy the same degree of safety as cash invested in a savings account as the primary reason for closing the unit trust.

In a letter dated April 7, which was posted on Absa’s website, the bank said clients had about 90 days to withdraw their funds from the Absa money market fund and place the proceeds into their bank account or switch their investments into an alternative financial product...

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