Money Market Fund

The Money Market fund is a domestic money market fund with a constant unit price of R1.00.

If you're looking for an investment in cash to maximise interest income and preserve capital, Glacier's money market fund offers competitive rates. 

Money Market Fund discontinues Fitch rating

In July and August 2011 Fitch placed all AAA-rated South African money market funds (MMFs) on Rating Watch Negative (RWN) and announced more stringent rating requirements, pending the outcome of a sector review largely regarding concentration risk.

Compared to other international and national markets, the level of concentration risk in South African MMFs is high, as our market has a limited number of eligible issuers (the four major banks) that can issue securities (with a F1+ credit rating) in which our AAA-rated MMFs can invest.

With Fitch’s review of their rating process, we are of the opinion that it will henceforth not be possible to provide investors with an AAA-rated fund in South Africa. There is therefore no business rationale to have the Glacier Money Market Fund rated any longer, and we have decided not to renew our rating.

This will in no way impact the fund negatively, nor result in any negative credit issues, as the fund will continue to comply with the provisions of the Collective Investment Schemes Act 45 of 2002. We expect this withdrawal to be announced either with, or after the general industry downgrade.