FX Markets

Morgan Stanley retains spot as top FX forwards dealer to US funds

Morgan Stanley has consolidated its position as the leading provider of FX forwards to US mutual funds in Q3 2021, further growing its market share in a quarter that its two other competitors for the top spot – Citi and BNP Paribas – lost ground. US mutual funds on aggregate reported $919 billion in FX forwards in the quarter, and Morgan Stanley was responsible for approximately $116 billion of those, representing 13% of total volume.

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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.

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