First Chicago NBD Corp. has added two cash management money market mutual funds to its product lineup.
Pegasus Treasury Cash Management and Municipal Cash Management have minimum initial investments of $1 million and bring the number of proprietary First Chicago money market funds to five.
All are available through the corporate and small-business banking divisions of First Chicago NBD's three major bank subsidiaries.
Deborah Edwards, a managing director of First Chicago NBD's institutional cash group, said about $4 billion is invested in its money market mutual funds this week.
The bank's other money market mutual funds include a general cash management fund investing in short-term securities; a U.S. government securities fund; and a Treasury prime cash management fund.
Ms. Edwards said the new funds resulted in part from the merging of the former First Chicago's proprietary Prairie funds with the former NBD Corp.'s proprietary Woodward funds.
"It was demand from clients on one hand, plus the need to standardize the product," she said.