Pimco nearly doubled the size of its foreign exchange forwards portfolio in the first quarter of 2024, where it now commands almost a fifth of the market.
This increased activity – from $114 billion in the fourth quarter of 2023 to $211 billion – helped drive much of the growth in mutual funds’ forwards books, accounting for nearly 60% of all notionals added by asset managers.
The California-based fund manager’s actions had a notable effect on a multitude of dealers, as Pimco yielded four of the
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