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Wachovia Limits Access to $9.3 Billion Fund for 900 Colleges
Bloomberg News
October 2, 2008
Colleges can only redeem 34 percent of their investments in the short-term Commonfund because of the ``liquidity squeeze,'' said Laura Fay, a spokeswoman for Charlotte, North Carolina-based Wachovia, in an interview. Earlier this week, Wachovia had capped availability at 10 percent. Fay said the ``unprecedented environment'' in the market contributed to Wachovia's decision to curtail the fund and plan its closure by Dec. 31.
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