Institutional investors with a spare $10 million on hand now have a new fund option. Putnam Investments launched on Tuesday the Putnam Prime Money Market Fund.

"The product is being launched in response to significant marketplace demand for institutional money market funds, reflected in the increase in institutional money market assets, currently valued at $950 billion," said Joanne M. Driscoll, senior vice president and portfolio manager.

Driscoll will be the lead portfolio manager, with the fund firm's Core-Fixed Income and Research groups supporting. 

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