The UAP Old Mutual money market fund invests in money market instruments such as fixed deposits and near-cash investments.
The fund aims at, providing a steady income growth, reasonable current income and stability for the capital invested.
Investors can join as either an individual or jointly.
The service is also available online via mobile services through the fund USSD code *480#.
How to Get Started With The UAP Old Mutual Money Market Fund
- Have a driving on goal and clear objective of why you want to invest in the fund.
- Know your risk appetite, for instance, the maximum risk you can endure when a fall happens before considering to pull out.
- Know how much time you need to reach your target goal.
See also; Mutual Funds in Kenya: Best performing markets
How To Join UAP OLD Mutual Money Market Fund
An individual applicant has to fulfil the following to join the money market fund:
- Name, ID or passport number and email address of the applicant.
- customers certified bank details and signatures.
- Indicate the investment details
- Give a copy of the KRA pin certificate
- Indicate a regular top op amount and payment method
- The minimum investment amount of KSH1000
For joint applications, the applicants must adhere to the requirements below:
- The names of people who want to invest jointly.
- ID or passport numbers, email addresses of the applicants.
- customers bank details and signatures.
- Indicate the investment details and preferred mode of receiving interests.
- Give the KRA pin certificate
- Indicate a regular top-up amount and payment mode.
- The minimum amount of Ksh1000.
Read also: The Britam Money Market Fund (How To Join)
How to Withdraw Funds From The UAP Old Mutual Fund.
Individual applicants withdraw their investments by writing an email instruction to the fund managers indicating the account details and the amount they wish to withdraw or by visiting any of branches.
Joint account holders
Can issue an email withdrawal instructions if either signatory has the right to instruct a withdrawal. Alternatively, both signatories can visit any of the branches and request a withdrawal.
Corporate clients must submit signed instructions via email or by visiting any of the fund’s outlets.
Related: How to Invest in Kenya.
How to withdraw
Withdrawal instructions are sent by [email protected]. Withdrawals to new accounts can only be done at the UAP Old mutual outlets.
Withdrawals are deposited to either bank or MPesa accounts.
Benefits of The UAP Old Mutual Money Market Fund
The following are advantages that come with investing in the UAP Old Mutual money market fund:
Investors can withdraw funds on short notice at any given period. The fund pays you back without any service charge.
Investors can make one free monthly withdrawal and subsequent withdrawals charged Ksh800 only.
See also; The Cytonn Money Market Fund in Kenya.
The securities to be invested in the Old Mutual Money Market Fund and their book value limits are authorised and secure.
The fund has Securities issued by the government of Kenya up to 80 per cent. Securities listed on a stock exchange in Kenya are up to 80 per cent.
Also, investors have access to off-shore deposits of up to 10 per cent. The offshore deposits include debt securities held in Dollar, Euros or Pound currencies
They are as well eligible to near cash deposits of up to 10 per cent.
This fund is perfect for investors who are keen on benefiting from yield interest earned.
It offers investors with a conservative low-risk and safe parking place for their funds.
It is ideal during times of stock market volatility and uncertainty. For better yields, clients ought to invest their money for at least a year.
Static Fund Prices
The fund prices of the Old Mutual Money Market Fund is KShs 1 and remains static.
The yield changes daily as well as the interest portion of the assets purchased by the fund for the investor which makes it a suitable product.
Interest earned is calculated daily and credited to the investor’s account monthly.
The Old Mutual Money Market Fund distributes income every month. The Income distributed in the Money Market Fund consists of interest accrued from the purchase assets of the fund.
Related: Zimele Money Market Fund: Everything you need to know