FX Markets

How much do managers rely on their top bank?

Asset managers that use a lot of FX forwards also use a lot of dealers to get those trades done; managers that execute fewer trades use fewer dealers. That’s no shock. The data becomes more interesting when you get past the averages, where panel sizes – and the share of business given by each manager to its top counterparty – can vary significantly. As an example, in the second quarter of last year, just 11% of Pimco’s trades had been executed with its number one dealer, while the same was true for fully 30% of PGIM’s book.

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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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