On 1 June 2011, the Financial Services Board (FSB) issued a notice under Collective Investment Scheme Control Act (CISCA circular no 13), stipulating that any fund with the word ‘Cash’ in its name must have a maximum term to maturity of 21 days for each security in the fund.
A review of the investment mandate of the STANLIB Cash Plus Fund, confirmed that the fund’s mandate does not meet the new guideline for “Cash” funds. In order to avoid any confusion amongst investors, STANLIB has changed the name of its STANLIB Cash Plus Fund to the STANLIB Enhanced Yield Fund.