Sygnia launches new money market unit trust that donate management fees to non-partisan civil society organisations fighting corruption - 23 June 2017
By Magda Wierzycka – Chief Executive Officer, Sygnia Group
As a corporate citizen driven by its desire to fight corruption, restore faith in the government and encourage economic growth, Sygnia has launched two new unit classes of the Sygnia Money Market Unit Trust, providing a mechanism whereby any investor or saver can contribute to change in South Africa.
“Our courts, through the legal actions brought by non-partisan civil society organisations, have become the last guardians of our Constitution and democracy. They are aided by courageous and dedicated journalists willing to investigate issues and shed light on corrupt practices. But court cases and investigations require support and funding,” says Magda Wierzycka, CEO of the Sygnia Group. “We have decided to step in and help – 100% of themanagement fees associated with the new unit classes will be donated to non-political organisations fighting corruption, both in the public and the private sectors.”
These organisations include OUTA, the Black Sash, amaBhungane Centre for Investigative Journalism, Corruption Watch, the Helen Suzman Foundation, the Council for the Advancement of the SA Constitution, the Kgalema Motlanthe Foundation and the Ahmed Kathrada Foundation.
Sygnia fully understands that every investor wants a say in how the management fees they pay are allocated, but for those who wish to effect positive change two new unit trust classes of the Sygnia Money Market Fund are now available: Class S1, with a management fee of 0.50% per annum, and Class S2, with a management fee of 1% per annum. The unit trusts will be managed on a totally non-profit basis by Sygnia.“We intentionally chose a money market unit trust as it is as close to a ‘cash’ investment as the asset management industry has to offer. If you have some spare change in a bank account or are an existing money market unit trust investor, consider putting your savings to better use. You can invest as little as a once-off amount of R1 000, or a regular R500 per month. You can also withdraw your money at any stage. There is over R300 billion invested in money market unit trusts in South Africa – imagine what just a fraction of that could achieve.”
Wierzycka says, “We believe that corruption eats away at the moral fabric of our society. Whether it is in the government or the private sector, the message is the same: South Africa cannot thrive while corrupt practices are an accepted way of doing business – hence our desire to support all efforts aimed at exposing and eradicating corruption from our daily lives.”
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