Finbest

-- BofA shuts massive money market fund --

Bank of America is closing off an enhanced money fund to new investors 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 months currently has about $12 billion in assets, Charlotte-based bank said.
The loss is related to the subprime-mortgage crisis that has rippled across the globe, Bank of America spokesman Jon Goldstein said.
"The conditions have really weakened the performance across the industry, including this one," Goldstein said.
The enhanced money fund was a short-term investment pool that offered higher yields than a traditional money-market fund.
Unlike traditional money-market funds, the Strategic Cash fund didn't offer investors a guarantee that it would maintain a $1-per-share net asset value, although the fund was managed toward that goal, Goldstein said.
The Strategic Cash portfolio was open only to investors with a minimum of $25 million or more.
Bank of America Corp. shares were up $1.10, or 2.4 percent, to $46.47 in midday trading.

Reuters - 10/04/2008 12:32:57
LONDRA/NEW YORK, 10 aprile (Reuters) - Lehman Brothers (LEH.N) ha liquidato tre fondi di investimento in difficoltà.

E' quanto emerge da un documento indirizzato alla Sec.

La banca ha spiegato la liquidazione con "la crisi dei mercati che si è verificata nella seconda metà del 2007 e l'ulteriore deterioramente avvenuto nei primi mesi del 2008".

A Francoforte il titolo Lehman perde il 5,2% a 25,2 euro .