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Putnam shifts investors to Federated |

Putnam shifts investors to Federated

| Friday, September 26, 2008 12:00 a.m

Putnam Investments LLC said clients in a money-market fund it froze last week will receive an equal number of shares in a fund run by Downtown-based Federated Investors Inc. The $12.3 billion Putnam Prime Money Market Fund was liquidated at 5 p.m. Thursday, with shareholders transferred to the $22.1 billion Federated Prime Obligations Fund, the two companies said. The Putnam fund had a $10 million minimum investment. Putnam closed the fund on Sept. 17 under “significant redemption pressure” to prevent assets from falling below $1 a share, known as breaking the buck.

is a former freelancer.

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