A large financial services company says it will commit its own funds to protect clients who have invested in a troubled money market fund.

Ameriprise Financial Inc., Minneapolis, says it will commit up to $33 million to help clients who invested in the Primary Fund, a money market mutual fund managed by Reserve Management Company Inc., New York.

The Reserve began suffering an outflow of client assets last week, when the net asset value of its shares fell below $1.

The Reserve managers had invested some of the funds assets in securities issued by Lehman Brothers Holdings Inc., New York, which is seeking bankruptcy court protection.

Ameriprise says it will use its own funds to mitigate up to 3 cents per share of client losses, “in recognition of the unprecedented nature of this event and the prospect that this situation will not be covered by the proposed U.S. Treasury money market guarantee program.”

Since the Reserve “broke the buck,” fund assets have been inaccessible, Ameriprise says.

Ameriprise says it is trying to work with regulators and lawmakers to secure an “equitable and expeditious liquidation of the fund.”

Ameriprise also has filed a suit against the money market fund managers in the U.S. District Court in Minnesota.