Unit trusts cut fixed deposits to hoard cash in quarter to March

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CMA director, Regulatory and Policy, Luke Ombara. FILE PHOTO | NMG

Money markets fund managers nearly doubled their asset allocation to cash and temporary deposits at the start of the year in a major portfolio reorganisation.

Data from the Capital Markets Authority shows the allocation by collective investment schemes (CISs) to cash and demand deposits rose by 94.76 percent in the quarter ended March to Sh10.8 billion from Sh5.5 billion in the preceding three months to December 2022.

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Note: The results are not exact but very close to the actual.