NU Online News Service, Aug. 19, 2003, 3:53 p.m. EDT – U.S. bank sales of annuities rose to $3.1 billion in June, from $2.6 billion in June 2002, according to the monthly bank annuity sales survey conducted by Kenneth Kehrer Associates, Princeton, N.J.
The researchers who conducted the survey, which was sponsored by Invest Financial Corp., Tampa, Fla., say bank fund sales have increased sharply since they bottomed out late in 2002.
“Since December, monthly sales of long term mutual funds in banking institutions have increased 63%,” says Lynn Niedermeier, president of Invest.
Although bank fund sales were 19% higher in June than they were in June 2002, banks reported 3% less fund sales revenue for June than they reported for May. Overall U.S. fund sales were 12% higher in June than in May, according to the Investment Company Institute, Washington.
“U.S. mutual fund sales were buoyed by a 16% increase in stock mutual fund sales, which tend to be relatively more popular with nonbank securities firm clients than with bank brokerage clients,” says Kenneth Kehrer, head of the firm that bears his name.