NEW YORK (Reuters) - U.S. money market mutual fund assets rose $21.89 billion for the largest weekly increase since the week of Sept. 23, suggesting some investors are stockpiling cash as year-end approaches, the Money Fund Report said on Wednesday.
Money fund assets rose eight weeks in a row to $2.716 trillion in the week ended Dec. 9,, reaching their highest level in 10 months, according to the report published by iMoneynet.
Taxable money market fund assets grew by $19.83 billion to $2.461 trillion in the latest week, while tax-free assets increased by $2.06 billion to $254.71 billion,
Prime institutional money fund assets jumped $13.64 billion in the latest week, while government institutional fund assets increased $9.01 billion.
Reporting by Richard Leong; Editing by Meredith Mazzilli