Safeco Corp. has $3.8 billion under management in mutual funds, though almost none of these sales came through the bank channel, a situation the Seattle-based company hopes to change soon.

"Companies that sell mutual funds along with other products are much more likely to have a longer-term relationship with their customers," said Al Close, a senior vice president for Safeco Life and Investments Marketing. "Frankly, I’m greedy. This is a retention story, and I want more than the fixed part of the pie."

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