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Dec 8, 2007 - Bank of America Halts StratCash Redemptions

Anthony Carfang

The Carfang Group

发布日期: 2018年2月11日

CraneData is first to report that Bank of America's Columbia Management affiliate has halted redemptions of its Strategic Cash Reserves Fund.

This is an "enhanced cash fund" not to be confused with money market mutual funds MMFs. These funds are for sophisticated investors and are able to take more risks and invest in longer maturities that MMFs.

Assets in StratCash had fallen from $40B to $33B and the manager wanted to stop the slide.

In a sign that all is not well, rumors abound that large investors would be able redeem "in kind" rather than receive cash. Said another way, they could end up owning the securities in the fund's portfolio.

It was unclear whether investors could redeem in cash at a discount from par value.

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Dec 8, 2007 - Bank of America Halts StratCash Redemptions

Anthony Carfang

The Carfang Group

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