Citigroup, Wachovia Corp. and Bank of America Corp. are the top three earners of mutual fund and annuity fee income in the first three quarters of this year, according to the latest Bank Holding Company Insurance & Investment Fee Income Report from Michael White Associates.
Citigroup led by a wide margin, with total earnings of $2.0 billion. Wachovia came in a distant second with $1.4 billion, and Bank of America followed at $1.0 billion. Franklin Resources and MetLife had not yet reported; Franklin reported mutual fund and annuity fee income of $1.05 billion at the end of June, with MetLife earning $815 million during the same period.
Bank of America has made the biggest gains over 2003, earning 191.85% more than it had during the same period last year. Much of this gain resulted from the merger with FleetBoston Financial Corp. Last year, Fleet ranked 7 th overall, and Bank of America ranked 11 th.