Wachovia Tops the List in Mutual Fund and Annuity Sales.

Bank Investment Consultant, May, 2007 by Stock, Howard J.

Banking giant Wachovia generated slightly less than $1.9 billion from mutual fund and annuity sales in 2006, according to a new report by consultant Michael White Associates and financial services firm Symetra.

Wachovia's income from mutual funds and annuities rose 4% from year-end 2005 to year-end 2006. The sales represent 12.9% of revenue excluding fees from loans. Wachovia beat three larger bank holding companies (BHCs) - namely Bank of America, JPMorgan Chase and Citigroup - to take top honors.

While PNC Financial Services a comparatively small concern, it is a major player in this ranking because it owns the BlackRock family of funds. The firm ranked fifth, generating a little less than $1.3 billion in revenue (see "Leaders of the Pack,"...

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