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Rating:Liquidations and Money Fund Woes Cost Wachovia Over $1 Billion Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, January 28, 2009

Liquidations and Money Fund Woes Cost Wachovia Over $1 Billion

by: Neil Anderson, Managing Editor

Evergreen parent Wachovia lost $1.1 billion last quarter liquidating funds and $263 million net supporting money market funds, among others. Wells Fargo, which closed its acquisition of Wachovia on December 31, revealed those numbers in a separate section of its earnings release (downloadable pdf).

Evergreen liquidated several of mutual funds in the fall, including Evergreen Envision Growth, Evergreen Envision Growth and Income and Evergreen Envision Income, (seeMFWire, 9/8/2008). As for propping up ailing funds, Evergreen poured money into Evergreen Money Market, Evergreen Institutional Money Market and Evergreen Prime Cash Management (see MFWire, 9/17/2008) and 9/30/2008). 

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