Bank of America says closing money market fund

Pedestrians pass a Bank of America branch in Chicago's Loop June 30, 2005. Bank of America Corp's Columbia asset management unit said on Monday it is closing a privately placed money-market fund for institutional investors.

NEW YORK (Reuters) - Bank of America Corp's (BAC.N) Columbia asset management unit said on Monday it is closing a privately placed money-market fund for institutional investors.

The bank's Columbia Strategic Cash Portfolio fund, which has less than $11 billion in assets, has been closed to new investors, said Columbia spokesman Jon Goldstein.

Goldstein denied a CNBC report that the fund had been frozen, saying that clients were being offered the option of cash redemptions or of switching their assets into other Columbia-managed funds.

(Reporting by Christian Plumb and Joseph Giannone; Editing by Tim Dobbyn)