Pressure moves to money market funds

In a classic example of how financial strains can have repercussions in areas of finance far away from the original epicentre of the crisis, asset management companies such as Vanguard Group and Fidelity Investments have been flooded with calls from investors asking whether their money-market funds hold commercial paper backed by mortgage securities.

Vanguard said its money funds are not exposed to subprime mortgage assets, and Fidelity said it has "minimal" holdings of them.

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