Mayfair Money Market Fund Review 2024 (All to Know!)

Money market funds are an incredible investment opportunity for those seeking capital preservation and more competitive returns than what bank savings offer. One option that promises that in Kenya is the Mayfair Money Market Fund.

As of 21^st February 2024, the Mayfair money market fund (MMF) had a daily yield rate of 13.09% and an effective annual yield of 13.98%. Honestly, which bank can offer that on savings? It’s just hard to think of one!

Willing investors at Mayfair, also known as unit holders, require a minimum investment of Ksh 5,000 to join, but there are no top-up restrictions or limits. Even better, there aren’t withdrawal restrictions, and you can withdraw your principal amount and the already accrued interest.

Mayfair, through its fund manager, Mayfair Asset Managers Limited, invests in short-term securities – those with a maturity profile of less than 13 months. That includes T-bills, call deposits, fixed deposits, and Certificate of Deposits.

Not only does Mayfair Asset Managers Limited manage the money market fund, but it also manages Mayfair’s balance fund, equity fund, and fixed-income fund. All these unit trust funds are doing well at the moment regarding returns.

Overall, there’s just a lot to learn about the Mayfair fund, and here are our headliners:

• How does the Mayfair money market fund work?
• Why invest in Mayfair MMF?
• Who does Mayfair MMF suit?
• How does the performance of Mayfair compare to other money market funds?
• How do you join Mayfair MMF?
• And how do you contact Mayfair?

Let’s dive in!

In a rush? Below is a fact sheet giving an overview of the Mayfair MMF:

Mayfair Money Market Fund Review Fact Sheet

Fund Structure	Unit Trust
Trust Type	Money Market Fund
Regulator	Capital Markets Authority
Partnership	Retirement Benefits Authority
Fund Manager	Mayfair Asset Managers Limited
Daily Yield	13.09% (as of 21st February, 2024)
Effective Annual Yield	13.98% (as of 21st February 2024)
Minimum Deposit	Ksh 5,000
Minimum Top-Up	None
Management Fee	2.5% per annum
Initial Fee	Zero
Withholding Tax	15%
Lock-in Period	None
Underlying Securities	Treasury Bills, Call Deposits, Fixed Deposits, and Certificates of Deposits
Maturity Period	Less than 13 months

How Does Mayfair Money Market Fund Work?

The Mayfair money market fund aims to generate reasonable current income for its investors and preserve capital. Thus, the fund manager, Mayfair Asset Managers Limited, looks for money market instruments with a low-risk profile and a short-term maturity to invest in.

Their money market instrument portfolio features treasury bills, call deposits, fixed deposits, and certificates of Deposit. New investors or new holders are expected to join by depositing a minimum of Ksh 5,000, which entitles them to units or shares that determine how much they’ll earn over the maturity period.

The fund manager, Mayfair Asset Managers Limited, is certified by the Capital Markets Authority (CMA) and partners with the Retirement Benefits Authority (RBA). Its CMA license number is 172.

Like most money market funds in Kenya, the interest earned on Mayfair is compounded daily. But unlike most funds, you can withdraw the principal amount and interest earned anytime. The fund attracts a 2.5% account management fee and a 15% withholding tax.

Why Invest in Mayfair Money Market Fund?

There are several reasons you may want to open a Mayfair MMF account. They include the following:

• Professional certifications – Currently, Mayfair MMF is certified by the CMA and RBA, two of the most recognized professional certification bodies.
• Low-risk investment – While all money market funds have risks, especially with the volatile money market economy, Mayfair invests in low-risk instruments to preserve capital despite the market’s volatility. Even better, they do everything under the scrutiny of the CMA; thus, it is safe.
• Competitive returns – As I mentioned, the most recent returns by Mayfair MMF show a daily yield and annual effective return of 13.09% and 13.98%, respectively. Frankly, it’s hard to find a bank that pays that much on savings.
• Savings culture – Given that the daily yield and effective annual return rates are pretty impressive, they motivate you to save more regularly, which inculcates a savings culture.
• High liquidity – Mayfair MMF has no lock-in period or withdrawal restrictions, making it easy to withdraw your funds as soon as needed.
• Affordability – While Ksh 5K may not be the least amount for joining a money market fund, it’s reasonable and affordable. Besides, there aren’t top-up limits or initial fees, and the account management fee is only 2.5%. That makes it attractive to low-income investors.

Who Does Mayfair MMF Suit?

The Mayfair money market fund suits different types of investors, and the most notable ones are:

• Those seeking investments with more competitive returns than what bank savings offer
• Those seeking low-risk investment opportunities with a higher return margin
• Investors who prioritize liquidity and quick access to their savings
• Those looking for short-term investment options (up to 12 months) for attaining their money goals, for example, starting a college fund or emergency fund or paying for insurance premiums.

How Does the Performance of Mayfair Compare to Other Money Market Funds?

Mayfair MMF is relatively new in the Kenya unit trust space. But even so, the money market fund has been able to compete with the giants of the money market fund sphere, especially in recent months.

Let’s take this year’s Mayfair Money Market Fund Interest Rate as an example.

As of 4^th January 2024

A report by Cytonn shows that the Mayfair money market fund had an effective annual yield rate of 13.1% as of 4^th January 2024. That saw it rank 16^th out of 25.

The top 5 comprise Gen Africa Money Market Fund (16.3%), Lofty-Corban Money Market Fund (16.2%), Etica Money Market Fund (16.2%), Nabo Africa Money Market Fund (15.9%), and Cytonn Money Market Fund (15.5%).

The 364-day T-Bill benchmark, according to the report, is 16.3%, while the 91-day T-Bill Benchmark is 16.1%. While Mayfair MMF doesn’t come close to the two benchmarks or any of the top 5 money market funds, it’s hard to overlook a return rate of 13.1%. It’s pretty impressive for a newbie. 

As of 2^nd February 2024

According to another report by Cytonn, Mayfair MMF registers an improved return the following month. As of 2^nd February 2024, Mayfair MMF’s effective annual yield rate is 13.84% – a slight increase of 0.83%. It, however, maintains the same ranking, 16^th, while there was a slight shakeup at the top.

The top 5 as of 2^nd February 2025 are Etica Money Market Fund (17.20%), Lofty-Corban Money Market Fund (16.63%), Nabo Africa Money Market Fund (16.03%), Gen Africa Money Market Fund (15.96%), and Cytonn Money Market Fund (15.84%).

According to the report, the 364-Day and 91-Day T-Bill benchmarks are 16.7% and 16.4%, respectively, while the top 5 average an effective yield rate of 15.8%. So, again, Mayfair MMF doesn’t get near the two benchmarks or the average of the top 5. But yet, we can see an improvement, which speaks volumes of its steady rise to the top.

As of 16^th February 2024

A recent report by Cytonn shows that Mayfair MMF registers a much-improved yield rate. According to the report, Mayfair MMF had an effective annual yield rate of 14.0% as of 16^th February 2024, which saw its overall ranking improve to 15.

The top 5, according to the report, comprise Etica Money Market Fund (17.1%), Lofty-Corban Money Market Fund ((17.0%), Cytonn Money Market Fund (16.7%), Gen Africa Money Market Fund (16.0%), and Apollo Money Market Fund (16.5%).

According to the report, the 364-Day and 90-DayT-Bill benchmarks are 16.9% and 16.6%, respectively, while the average yield for the top 5 is 16.5%. Again, Mayfair MMF doesn’t come close to any of these benchmarks but shows a 0.16% improvement from the previous rate.

And most recently, the Mayfair Money Market Fund posted an effective annual yield rate of 13.98% (as of 21^st February 2024), which I mentioned at the start of the post.

Here’s a table breakdown of the discussed performance:

Ranking Out of 25	Effective Annual Yield As of 4th January 2024	Effective Annual Yield As of 2nd February 2024	Effective Annual Yield As of 16th February 2024
1	Gen Africa Money Market Fund (16.3%)	Etica Money Market Fund (17.20%)	Etica Money Market Fund (17.1%)
2	Lofty-Corban Money Market Fund (16.2%)	Lofty-Corban Money Market Fund (16.63%)	Lofty-Corban Money Market Fund ((17.0%)
3	Etica Money Market Fund (16.2%)	Nabo Africa Money Market Fund (16.03%)	Cytonn Money Market Fund (16.7%)
4	Nabo Africa Money Market Fund (15.9%)	Gen Africa Money Market Fund (15.96%)	Gen Africa Money Market Fund (16.0%),
5	Cytonn Money Market Fund (15.5%)	Cytonn Money Market Fund (15.84%)	Apollo Money Market Fund (16.5%)
Mayfair Money Market Fund Ranking and Yield Rate	13.1% (Position 16/25)	13.84% (Position 16/25)	14.0% (Position 15/25)
364-Day T-Bill	16.3%	16.7%	16.9%
91-Day T-Bill	16.1%	16.4%	16.6%
Top 5 Average Yield	16.0%	15.8%	16.5%

How Does One Join the Mayfair Money Market Fund?

Here are the basic steps for registering for Mayfair money market account:

• Go to the website and locate the ‘Products’ tab
• Click on the tab and select ‘Unit Trust Funds’
• Opt for the ‘Money Market Fund’
• Choose between a corporate and individual application form and download it
• Fill out the application form
• Append your signature and date
• Attach the relevant KYC documents, including the national ID or passport, KRA PIN, and proof of payment (MPESA statement or deposit slip)
• Forward the application via email (at info@mayfairasset.com), postal service (Box Number 45161-00100, Nairobi), or in person. Check the contact details next.

When it comes to making deposits, you can use any of these options:

1. MPESA – Using the pay bill number 421184
2. Bank deposit – Using the information in the table below:

Bank	Stanbic bank Kenya
Account Number	Mayfair Money Market Fund Inflow KES A/C
Account Number	01000012271411
Branch Code	1007
SWIFT Code	SBICKENX

How Do You Contact Mayfair?

You can contact Mayfair Asset Managers Limited for inquiries using any of these options:

• Physical Address: Mayfair Centre, 7^th Floor, Ralph Bunche Road
• Postal Address: 45161 – 00100 Nairobi, Kenya
• Email address: info@mayfairasset.com
• Phone contacts: +254 202 916 000 / +254 100 309 088

Concluding Thoughts:

The Mayfair money market fund is undoubtedly a worthy investment vehicle for investors looking for capital preservation, low-risk money market instruments, and more competitive returns than what local banks guarantee on savings.

This money market fund has undergone impressive strides, and we can only see it improve regarding return on investment. For more investment opportunities, visit our online store. We also have a wealth of information on debt management and personal finance.