Crane Data Subscribers
Oddo(h)! More French Faux-Money Market Mutual Funds Go Terminal. Bloomberg and Reuters report that French brokerage Oddo & Cie, has closed its Oddo Cash Titrisation, Oddo Cash Arbitrages, and Oddo Court Terme Dynamique funds, which held over a 1 billion in euros, due to the meltdown in the subprime mortgage market and related CDOs. The funds, which are not money market funds, but which, unlike U.S. funds, may use the term "cash" in their name, will be liquidated in "the shortest possible time frame". The Oddo funds join two AXA LIBOR-Plus strategy funds (see Crane's Friday News) as more offshore casualties of overly aggressive "cash" investing. U.S. money funds remain unharmed by events.
