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Monday, December 10, 2007

Bank of America halts fund's redemptions

December 10 2007
Problems in the credit market seem to have infected an institutional money market fund run by Bank of America’s (BAC) Columbia Management. Money market observer Crane Data reports that Columbia Funds Strategic Cash has halted redemptions after the fund’s assets fell to $33 billion from $40 billion after a run of redemptions. Crane says the fund in question is an enhanced cash pool available to only the largest qualified institutional investors. Bank of America previously pumped $300 million into the fund.

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