Brinson Partners Brinson Trust U.S. Cash Management Fund was forced to mark down the value of its portfolio this week due to losses from investments in Enron Corp. According to published reports, the cash management pool, similar to a money market fund, reduced its value by 1.91% on Monday. The fund is widely held in corporate 401(k) plans, some of which are administered by Fidelity Investments.
A spokesman for UBS AG, the Swiss banking company that owns Brinson Partners, was quoted as saying that the fund was not registered as a money market fund. Instead, it invested in short-term instruments that coupled higher yields with higher risks. UBS has no plans to reimburse investors, the spokesman said.N