HSBC claims top FX forwards spot as US banks fall back

HSBC has become the top foreign exchange forwards dealer for US mutual funds, leaping from fifth spot to first in the second quarter of 2022 on the back of a surge of trading with Pimco and reduced trading at some of its US rivals. Despite the recent rise in FX volatility, the overall market declined by more than $133 billion to $920 billion over the quarter – down from $1.05 trillion in Q1.

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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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