Two popular vendors of investment products to banks have hooked up to form a variable annuity.

Aim Management Group and Glenbrook Life and Annuity Co. are introducing an annuity that offers mutual funds and a death benefit. Aim will manage the funds in the annuity, while Glenbrook underwrites the death benefits.

Known for its focus on stock funds, Houston-based Aim has become one of the hottest new fund companies to sell its portfolios through banks. Aim manages $40 billion in assets.

Glenbrook, based in Northbrook, Ill., is a leading seller of annuities and insurance through banks. The company is a subsidiary of Allstate Life Insurance Co.

Dubbed Aim Lifetime Plus, the annuity offers a choice of nine mutual funds spanning the spectrum of investment objectives, according to a company spokesman. The annuity will also offer guaranteed fixed account options.

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