JPMorgan Chase & Co., Goldman Sachs Group Inc. and BlackRockInc. closed European money market funds to new investments afterthe 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 andliquidity funds because the rate cut may result in losses forinvestors, the company said in a notice to shareholders. GoldmanSachs won't accept new money in its GS Euro Government LiquidReserves Fund, and BlackRock, the world's largest asset manager, isrestricting deposits in two European funds.

“The European market environment is in unchartered territorywith such historically low — or even negative — yields forhigh-quality issuance,” Goldman Sachs said in a memo to fundshareholders, citing the ECB's rate cut. “It is not currentlyfeasible for our portfolio managers to deploy capital withoutsubstantially diluting the yield for the existing base ofshareholders.”