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JPMorgan Closes Euro Money Funds
Bank stops accepting new investors or money in five funds after the ECB’s rate cut.
JPMorgan Chase & Co., the biggest U.S. bank, closed five of its European money-market funds to new investments after the European Central Bank lowered deposit rates to zero.
JPMorgan notified clients yesterday that it won’t accept new investors or money in five euro-denominated money-market and liquidity funds because the rate cut might generate negative returns for investors, the New York-based company said in a notice to shareholders.
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