Bank of America has shut the Columbia Strategic Cash Portfolio, a fund for institutional investors, to new investors due to massive losses in the past few months that were spurred by asset-backed securities, depleting its holdings to $12 billion, down from $20 billion, the Associated Press reports.

BoA spokesman Jon Goldstein said that some of the asset-backed securities were in subprime mortgage holdings, but noted that the instruments have affected asset management firms around the globe. “The conditions have really weakened the performance across the industry, including this one,” he said.

The Strategic Cash fund attempted to maintain a $1-per share net asset value, but its prospectus didn’t guarantee investors that it would, Goldstein said.

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