Yesterday I wrote about mutual funds at risk because of the mortgage mess. In response one of my readers (thanks Gary!) alerted me to an article in Fortune talking about how the safest of investment vehicles -- money market funds - are caught up in the SIV problem. Again Bank of America (NYSE: BAC) comes to the top of the pack as hosting some of the riskiest investments for its investors through Columbia Cash Reserves Fund. Fortune reported that as of Oct. 12 this fund has about $640 million in Cheyene Finance, an SIV in trouble.
When I took a look at its most recent report to shareholders (Feb. 28,2007), I found Columbia Cash Reserves Fund had five of the biggest SIVs in its portfolio including Cullinan (HSBC Bank), K2 (Dresdner), Sigma (Gordian Knot), Links Finance (Bank of Montreal) and Sedna (Citibank International). In addition to these five, the other major SIVs are Centauri, Beta Finance and Five Finance -- all managed by Citibank (NYSE: C) - Tango Finance managed by Rabobank International and Victoria Finance managed by Ceres Capital Partners.CitibankInternational posts
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