Standard Chartered has increased the management fee for the Sanlam Money Market Fund from 1.2% to 1.5% effective September, 2024.
In a notice to investors, Standard Chartered Kenya and East Africa Head of Affluent and Wealth Solutions Paul Njoki attributed the increase to operation costs.
“We wish to inform you that, during the 9th Sanlam Unit Trust Annual General Meeting held on 22 May 2024, it was resolved that there will be an increase in the annual management fees for the Sanlam Money Market Fund. The rate will change from 1.2% to 1.5% effective 1 September 2024.”
The lender advised investors that the annual yield displayed on the SC Shilingi Funds platform will continue to be net of the annual management charge.
This means that the yield already accounts for the new management fee, ensuring that the return figures shown reflect the net earnings after all charges are deducted.
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The standard 15 percent withholding tax on interest earned from the fund will remain unchanged.
