Madison Group Limited plans to close its equity fund and balanced fund, however, it will retain the Money Market Fund.
Equity funds are investments targetting the stock market while balanced funds include both stocks and bonds.
A money market fund is an investment vehicle that collects money from several investors and puts it in money-earning instruments.
MMFs are also very liquid, which means you can easily withdraw your money whenever you need it. Interest in a money market fund is compounded daily and paid at the end of each month.
“We wish to notify the public that we have completed winding up the Madison Equity fund and Madison balanced fund having received approval from the Corporate trustee and the Capital Markets Authority,’’ Madison said.
Madison says customers can continue investing in the firm’s money market fund which is offering investment returns of 9.3 per cent per annum as of February 2022.
The Madison Money Market Fund invests in short term debt securities with maturities of less than 12 months. These include; Treasury bills, high-quality corporate debt, fixed and call deposits.
Madison Group Limited specializes in Insurance and wealth management services. The Group comprises Madison Life Assurance Kenya Limited, Madison General Insurance Kenya Limited, and Madison Investment Managers Limited.