PGIM’s rise to top of credit options lifts Barclays, Morgan Stanley
Counterparty Radar: Insurer’s AM arm doubled its market share in Q4 2021 as bought protection swells
PGIM rose to the top spot of US mutual funds using credit default options in the fourth quarter of 2021, adding $22.4 billion to its total positions and almost doubling its market share – to 58% from 32% in Q3.
Increased activity at Prudential’s asset management subsidiary was a boon for Barclays, which saw its book grow by $9.8 billion, remaining the top dealer in the space. PGIM also lifted Morgan Stanley to second place from fourth, conducting $10.3 billion worth of trades with the bank.
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