Money market mutual funds have broken through the $900 billion-asset mark, and observers say $1 trillion is firmly in sight.

Money funds set the latest in a string of weekly records Dec. 4, when assets soared 1.66%, to $913.93 billion, the Investment Company Institute said. Balances are growing at about an 18% clip this year, fueled in part by money funds' growing popularity as a corporate cash management tool.

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