Standard Chartered has announced a new management fee for the Sanlam Money Market Fund starting next month.

The company, in a notice to investors, said the fund, which is in partnership with Sanlam Investments East Africa, will see the annual deduction go up from 1.2 percent currently to 1.5 percent on account of 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,” read the notice by Head of Affluent and Wealth Solutions for Kenya and East Africa at Standard Chartered Paul Njoki.

“The rate will change from 1.2% to 1.5% effective 1 September 2024.”

Investors are advised 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.

The standard 15 percent withholding tax on interest earned from the fund will remain unchanged.