July 09, 2007 at 11:15 AM
Bank holding companies earned $5.6 billion from mutual fund and annuity sales in the first quarter of 2007, up almost 12% from the total they recorded for the first quarter of 2006.
Michael White Associates, Radnor, Pa., is reporting those figures in a quarterly bank holding company sales review.
About 61% of bank holding companies sell and service mutual funds and annuities, Michael White reports.
Fund and annuity sales at bank holding companies with more than $10 billion in assets rose 6.9%, to $4.5 billion, while sales at bank holding companies with $1 billion to $10 billion in assets soared 36%, to $1.1 billion.
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