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Putnam shuts $15 billion money market fund

BOSTON
Thu Sep 18, 2008 1:14pm EDT
Putnam Investments flags flap in the wind on the front of the mutual fund company's headquarters in Boston in this October 24, 2003 file photo. REUTERS/Jim Bourg

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BOSTON (Reuters) - Asset manager Putnam Investments said on Thursday that it had closed its $15 billion Prime Money Market Fund due to redemption pressures.

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Putnam, a unit of Canada's Great-West Lifeco (GWO.TO), said in a statement that the board of trustees of its funds had voted to close the institutional money market fund as it faced "significant redemption pressure" on September 17.

"The trustees' action was not related to the portfolio's credit quality, but was instead a reaction to marketwide liquidity issues," the fund company said.

(Reporting by Muralikumar Anantharaman; Editing by Lisa Von Ahn)
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