​ More Enhanced Cash Troubles: Columbia StratCash Halts Redemptions. Market rumors swirled Friday that the largest entrant in the "​enhanced cash" space, Columbia'​s Strategic Cash had halted redemptions. Enhanced cash pools, or "​3c-​7" funds, are private placements available to only the largest qualified institutional investors. We'​ve received no official word from Columbia yet, but multiple investors and sources tell Crane Data that redemptions have been frozen temporarily but may be made "​in kind", and that the pool is beginning the process of winding down or liquidating. Over half of the pool, $​21 billion, has been separated into a "​StratCash 2" portfolio, perhaps signaling a very large "​in kind" separation. Assets of the now 2 pools have not declined precipitously, contrary to some rumors. StratCash has been gradually declined from $​40 billion to $​33 billion over the past several weeks. Columbia parent Bank of America reportedly set aside $​300 million to support the pool previously. As in Florida, we don'​t believe any investors have suffered losses to date, and the fund'​s NAVs have remained at $​1.​00 a share so far. StratCash becomes the latest enhanced cash product to retreat from the besieged sector. Federated returned investors' money in full from its small entrant last month, taking a $​4.​9 million loss, and GE Asset Management liquidated its GE Enhanced Cash at $​0.​96 cents on the dollar.

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