External managers dominate and will continue to dominate the variable annuity industry, according to a recently published report by Financial Research Corporation of Boston.

It is the firm's second annual report on the variable annuity industry and it analyzes the use of external investment management in the industry. FRC reviewed 7,234 sub-accounts and found that 4,787 of them are externally managed. This accounts for 66 percent of all sub-accounts.

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