Merrill Lynch details hedge fund exposure

Merrill Lynch and Co said yesterday its exposure to hedge funds, including troubled Long-Term Capital Management, was about $…

Merrill Lynch and Co said yesterday its exposure to hedge funds, including troubled Long-Term Capital Management, was about $2.1 billion (£1.4 billion), with all but $84 million of that covered by collateral.

Merrill, which is involved in a $3.6 billion bailout of Long-Term Capital, said it holds about $2 billion of collateral in its accounts against the exposure.

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