Putnam Investments announced Thursday that it has closed its $15 billion-asset Prime Money Market Fund because of redemption pressures.
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Putnam, a Boston unit of Canada's Great-West Lifeco, said in a statement that the fund was closed as of 5 p.m. Wednesday not because of exposure to Lehman Brothers, Washington Mutual, or AIG but because of "significant redemption pressure" related to "marketwide liquidity issues."
Putnam said it is working on a plan to distribute the fund's assets.
The company had $163 billion of assets under management at Aug. 31.
