Absa Asset Management takes over the portfolio management duties on the Absa Dividend Income Fund.

The portfolio management of the Absa Dividend Income Fund is to be moved to Absa Asset Management with immediate effect. The fund pays income in the form of dividends on a quarterly basis. 

Dividends are tax-exempt under current tax legislation and the fund offers great value to both individual and institutional investors. The current dividend yield is 7.62% per annum.

The decision to move the fund follows the re-establishment of Absa Asset Management as the institutional asset manager of Absa.

Absa Asset Management which has more than R70 billion of assets under management, currently manages a range of funds, and that includes the largest fund in Africa; the Absa Money Market Fund.

The fund will be managed by Greg Kettles. Kettles is a CA (SA) and a CFA charter holder with 13 years of experience in investments. He has been involved with the fund for the past two months to ensure a smooth hand-over process.