New York Life Investment Management LLC of Parsippany, N.J., has announced that it will offer three new funds for institutional investors.

The money market funds are designed to help meet the short-term liquidity needs of corporations, financial intermediaries and other institutional investors, according to the company. The funds will be known as the New York Life Investment Management Prime Cash, Treasury Cash, and U.S. Government Cash funds, the company said.

More than 20 executives will be responsible for evaluating and selecting short-term instruments for the funds, which will be distributed by New York Life Distributors and require initial investments of $10 million. The funds will be available in two share classes, one for direct institutional investors and another for intermediaries such as those who sell the funds and perform record keeping and other services on behalf of investors, the company said.

Management fees will decline as investors increase their assets in the products, the company said.

NYLIM had $116 billion in assets under management at the end of last year.

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