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Banks Generate More Fund Fees

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Bank holding companies increased their income from mutual funds and annuities by 13% in 2005, to $19.5 billion.

Michael White Associates L.L.C., Radnor, Pa., is reporting those figures in its latest bank holding company fund income survey report.

About 49% of bank holding companies earned income from the sale of mutual funds and annuities in 2005, the firm says.

Income from those sources increased 13% in 2005 at banks with more than $10 billion in assets, to more than $16 billion.

Citigroup Inc., New York, came in first, with $2 billion in fund and annuity fees.

J.P. Morgan Chase & Co., New York, ranked second, and Wachovia Corp., Charlotte, N.C., ranked third.