Last year, mutual fund and variable annuity sales through third-party marketers at banks dropped, but fixed annuities had a boom year, according to a report from Ken Kehrer Associates, a consulting and research firm in Princeton, N.J. The report tracked sales of funds and annuities solely through third-party marketers at banks; many banks, particularly large banks, still sell these products through their own broker/dealers
Among the top 15 third-party marketers of mutual funds, sales fell 14% from $8.7 billion in 2000 to $7.5 billion in 2001. Of the top 15 third-party marketers of variable annuities, sales dropped 18%, from a total of $5.73 billion in 2000 to $4.7 billion in 2001. However, fixed annuities among the 15 top third-party marketers rose 82% to $11.1 billion from $6.1 billion the year before.