JPMorgan Chase & Co., Goldman Sachs Group Inc. and BlackRock Inc. closed European money market funds to new investments after the European Central Bank lowered deposit rates to zero.

JPMorgan, the world's biggest provider of money-market funds, won't accept new cash in five euro-denominated money- market and liquidity funds because the rate cut may result in losses for investors, the company said in a notice to shareholders. Goldman Sachs won't accept new money in its GS Euro Government Liquid Reserves Fund, and BlackRock, the world's largest asset manager, is restricting deposits in two European funds.

“The European market environment is in unchartered territory with such historically low — or even negative — yields for high-quality issuance,” Goldman Sachs said in a memo to fund shareholders, citing the ECB's rate cut. “It is not currently feasible for our portfolio managers to deploy capital without substantially diluting the yield for the existing base of shareholders.”