The news is, on the whole, good for Financials this month, with a few exceptions.
Among the banks, Globally Systemically Important Banks (GSIBs) again showed their strength, with a positive ratio of 2:1 improvements to deteriorations. Presumably much of this was driven by North American Banks which came out on top with a ratio of 3.3:1. Central Banks performed the worst this month, with a negative ratio of 1:1.3.
On the buy-side, Sovereign Wealth Funds mirrored the fortunes of their Central Bank counterparts, with double the deterioration versus improvement. Pension Funds were positive this month at 1.8:1, while Mutual Funds remained neutral.
Intermediaries also showed a mixed picture, with a stand out performance from Prime Brokers at five improvements to every deterioration. Broker Dealers shared the good news with a 3.2:1 ratio. Central Clearing Counterparties and Custodians / Sub Custodians were both in the red this month with net deterioration.
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