Absa New Gold Platinum ETF Fund Drives Investor Capital to South Africa
- Fund allows investments in platinum traded on the spot market
- ETF benefits from demand for metal, used as currency hedge
The fund allows direct investments in platinum traded on the spot market.
Photographer: Waldo Swiegers/BloombergSouth Africa recorded 761 million rand ($40 million) of fund inflows this month, largely driven by investor allocations to Absa Bank Ltd.’s New Gold Platinum ETF.
The fund, launched in 2013 by Absa’s Corporate and Investment Banking division, allows direct investments in platinum traded on the spot market and registered the highest inflows among locally listed funds on a monthly and annual basis.