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CHARLOTTE, N.C. — Wachovia Corp., trustee of a $9.3 billion fund used by more than 900 colleges for expenses such as salaries, maintenance and repairs, curbed access to the money and said it plans to liquidate its portfolio by year-end.
Wachovia limited access to the Wilton, Conn.-based fund known as the Commonfund to 10 percent of assets earlier this week because of the “liquidity squeeze,” then increased access to 34 percent Wednesday, said Laura Fay, a spokeswoman for Evergreen Investments, a Wachovia subsidiary.
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