Filed under: Other issues, Bank of America (BAC), Housing

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.

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This entry was posted on Tuesday, December 11th, 2007 at 8:51 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.