NationsBank Corp. is teaming up with Hartford Life to offer the bank's first proprietary variable annuity product.
Under an agreement announced Thursday, the Charlotte, N.C.-based banking company next year will start selling the Nations Variable Annuity, a "multi-manager" product to be issued by Hartford.
The annuity will include eight funds from NationsBank's proprietary NationsFunds family and eight funds managed by Hartford Life Insurance Co. The specific funds have yet to be chosen.
Hartford, the nation's sixth-largest life insurer, has similar agreements with BB&T Corp., Winston-Salem N.C.,; First Chicago NBD Corp., and Amsouth Corp., Birmingham, Ala.
Stephen Joyce, a vice president in investment product sales at Hartford, noted that NationsBank sells a number of Hartford products. "This product will add ... choices for Nations to offer their customers," he said.
NationsBank plans to sell the annuity through NationsSecurities, its brokerage affiliate.
The NationsFunds are subadvised by TradeStreet Investment Association and Marsico Capital Management Co. The Hartford funds are subadvised by Wellington Management Co., Mr. Joyce said.
- Niamh Ring