Top Money Funds Doubled French Bank Holdings Last Month
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The 10 biggest prime U.S. money market mutual funds more than doubled their holdings in French banks in February, as lending from the European Central Bank bolstered investor confidence.
French bank holdings rose to $18.2 billion from $8.8 billion in the month, according to data compiled and published in today’s Bloomberg Risk newsletter. Funds run by New York-based JPMorgan Chase & Co. and Boston’s Fidelity Investments accounted for one-third of the total increase.