Warburg Pincus Asset Management Inc. has created two money market funds that let investors earn frequent-flier miles on several airlines.

WorldPerks InvestorMiles, launched Oct. 1, lets investors in the company's Money Market and the Tax-Free Money funds earn one Northwest WorldPerks Bonus Mile for every $4 invested. In addition, investors can earn up to 1,200 additional bonus miles when a new account is opened during the first six months of the program.

"It's a pretty good deal, especially in the fact that you can earn unlimited miles," said a spokeswoman for Warburg Pincus, New York, which has $18 billion of assets under management.

The miles may be used for travel on Northwest Airlines, KLM Royal Dutch Airlines, and Alaska Airlines. A deal with Continental Airlines is expected, the spokeswoman said. A minimum of $5,000 is required to participate. Subsequent investments may be made for a minimum of $100.

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