Overall sales of annuities through bank holding companies rose 0.5% to $2.62 billion last year, according to the Michael White-ABIA Bank Annuity Fee Income Report, but the results are skewed somewhat by Bank Holding Company-in-name-only Morgan Stanley [MS].
Thanks to its acquisition of Smith Barney from Citigroup [C] in 2008, the former investment bank inherited a sizable annuity business and currently ranks third in terms of sales, at $253 million.
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