As reported in today’s Times-Dispatch, the University of Richmond is one of about 1,000 schools affected by Commonfund’s Short Term Fund’s decision to partially freeze withdrawals this week.  Wachovia Corp is trustee for the $9.3 billion fund. 

According to the article:

Herb Peterson, UR’s vice president for business and finance, called the action “concerning but understandable.”

UR has $100 million invested with the fund. He said UR has access to
$40 million of that amount now “and we’ll get the rest of it.”

Peterson said the action was necessary to prevent a run on the fund
that would force a sell-off of investments. He did not expect it to
cause a problem for UR.

“It was the right thing to do to avoid taking losses that would have cost all of us money,” he said.