Wells Fargo’s decision to tilt its foreign exchange business towards institutional buy-side clients is paying off, with the San Francisco-headquartered bank seeing a big jump in trades with insurers in the fourth quarter to supplement its multi-year growth with mutual funds.
Data from Risk.net’s Counterparty Radar service shows Well Fargo’s FX forwards notional volumes with life insurers increased by 56.4% to $4.75 billion, making it the fourth-largest dealer in that product with this client
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