NEW YORK (Reuters) - Sentinel, a money market mutual fund firm for commodities, has asked the U.S. Commodities Futures Trading Commission to allow it to halt client redemptions until it can conduct them in an orderly fashion, CNBC television reported on Tuesday.
“We had previously thought the market would return to some semblance of order and that our clients would not join in the panic,” Sentinel wrote in a letter to clients CNBC said it had obtained. “Unfortunately this has not been the case.”
Sentinel officials were not immediately available for comment.
Reporting by Christian Plumb, Joseph A. Giannone and Mike Erman