Banks sold $2.3 billion in long-term retail mutual funds in February, slightly off from January, but down significantly from the same month in 2002, according to the Kehrer-Invest Bank Mutual Fund Sales Survey.

Sales sank 2% from January’s figures, but fell 23% from the same period last year. The study’s authors point out that February’s trailing sales might have been even weaker since the month contained four less business days than January.

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