Google Inc., operator of the world's largest search engine, wants to keep money on hand in order to be able to invest quickly when needed, Chief Financial Officer Patrick Pichette said.

Google, which had $48.1 billion in cash and short-term investments at the end of 2012, wants to retain its "strategic ability to pounce," Pichette said at a Morgan Stanley conference. He cited the company's ability to move "on a dime" when it agreed to buy Motorola Mobility Holdings Inc. for about $12.5 billion in cash in 2011.

Pichette discussed the question of cash as Apple Inc. is under increasing investor scrutiny over its $137.1 billion in cash and investments, facing pressure to return more to shareholders. Google regularly reviews its use of money with the board to ensure it's being managed best for shareholders, Pichette said.