The simple answer yes.
I grabbed this real quick... Theres tons and tons of info out there on estrogen.
"Fat cells are loaded with aromatase, storing large quantities of estrogen. The higher your percentage of body fat, the more estrogen you can produce and the fatter you will be unless you control your diet and use supplements and exercise to lower estrogen production. As you reduce stored body fat, your estrogen conversion will be reduced and symptoms of male menopause and female disorders associated with high estrogen will be greatly retarded"