FX Markets

Morgan Stanley dethrones Citi as top FX forwards dealer to US funds

After five quarters in which Citi had the biggest share of FX forwards trading with mutual funds, Morgan Stanley has taken a narrow lead. Citi had led the overall table by volume since Q1 2020, when it secured over 15% of the reported share, but its share eroded in each subsequent quarter. Much of this can be attributed to a decline in its share of Vanguard’s flows. Citi has slipped from second place – with 15.92% of the manager’s book in Q2 last year – to a new low of 2.94% in Q2 2021. In value terms, that’s a decline of $24.5 billion with Vanguard alone.

Access the data

Growth and stability

After enduring a turbulent period in 2018 and 2019, when Invesco suffered damaging fund outflows and its share price underperformed rivals, the outlook for the asset manager has stabilised. Assets under management at Invesco have returned to growth and stood at $1.4 trillion in March, a 20% increase in the last 12 months.

Read the full article

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: