SAN DIMAS, Calif. – There may soon be a $25 billion corporate in the network in WesCorp. WesCorp is seeing rapid asset growth coming from two areas: continued inflow of funds from members, as well as its portfolio paying down as mortgages get paid back with continued refinancing. "This month alone we're up $1.5 billion from last month," said Dietmar Huesch, VP of Portfolio Management for WesCorp. He said the corporate reached $24.3 billion at one point, and should eclipse $25 billion early next month with a wave of monthly payments. Huesch has a tough job ahead of him as he tries to decide what to do with all of the money. "The challenge is there's an awful lot of money in the front end of curve right now. Things are oversubscribed. We're going into more deals, spreading ourselves out," said Huesch. He said the front end of the curve is a "dog fight" that is keeping him and his three portfolio managers very busy. Huesch described some of the investments out there in this environment as just plain silly, even in the agency market. He said credit unions have no use for something like a 15-year callable with no call for three months, but they're out there. WesCorp, as it has a history of doing, is continuing to churn out a variety of certificates for its members. "We're always offering specials. Structured certificates are very popular now, more than our fixed certificates. We have a three year with an 18 month lock out to give them at least some protection," said Huesch. Huesch continues to be amazed by WesCorp's asset growth. "We're three times the size we were when I started here three years ago." [email protected]

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