Bank of America Corporation (NYSE: BAC) announced Monday it closed a $12 billion, enhanced money fund after major clients pulled-out amid losses on complex asset-back securities, including structured investment vehicles, Bloomberg News reported.
The Columbia Strategic Cash Portfolio was closed last week and is being "wound down," Bank of America spokesman Robert Stickler told Bloomberg News. Sticker said the fund's net asset value, which had been $33 billion two weeks ago, was 99.4 cents on the dollar as of Monday.
Closing Bell: Can't go up every day (BAC, HE, HPW, COMS, BRCD, WMT, AMD)
Wal-Mart grows profit and cash flow in Q3, but comps still ailing
Chasing Value: Ten stocks for 2010 -- Part 2
