Short Takes: Riggs Broker-Dealer Unit Plans 4 Products

The broker-dealer arm of Riggs National Corp. of Washington plans to offer four proprietary products by mid-April.

Riggs Investment Corp. will offer a cash management account, an asset allocation account, a variable annuity, and a fixed annuity, said William C. Roberts, managing director.

Riggs opened its brokerage Jan. 4. Previously, the $5.5 billion-asset banking company had used Financial Network Investment Corp. of Torrance, Calif., as its broker-dealer.

"We're in growth mode," Mr. Roberts said, adding that Riggs, which has 10 investment representatives, is looking to hire two more.

In addition, Riggs National is in talks to buy a small mutual fund company, Mr. Roberts said, but he declined to identify the firm.

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