Their official name — collective investment schemes — has never caught on. In most of the world they are called mutual funds, but we still use the rather quaint British name of unit trusts — which is like referring to sovereign bonds as gilts.

The June quarter proved to be a record for SA mutual funds, with net inflows of R88bn. But before you assume that the public has suddenly become risk on, more than half of this (R48bn) was into money market funds. And money funds serve a different public for the rest of the industry, where the focus is on saving for retirement. Much of the inflow into money funds was from bank fixed deposits as customers looked for a higher yield...

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