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CHARLOTTE, N.C. — Bank of America Corp. is liquidating an enhanced money fund amid withering losses on complex asset-backed securities, the bank said Monday.
The Columbia Strategic Cash Portfolio fund for institutional investors that was worth $40 billion only a couple of months ago currently has about $12 billion in assets, the Charlotte- based bank said. The fund will be closed off to new investors, it added.
The loss is related to the subprime-mortgage crisis, Bank of America spokesman Jon Goldstein said.
