FX profits soar as funds up risk

"We’ve seen increased customer flows, particularly on the leveraged side of the business," said James Kemp, head of FX for North America at Citigroup in New York. "Following the trends from last year, these clients have been willing to invest more in the FX markets then they were 12--18 months ago."

Hedge fund clients have been a major focus for Citibank in the last 18 months, and this sector has proved a particularly successful part of its business, said Kemp. The drive began in October 2001