More than a dozen banking companies have jumped into managing variable annuities in the five years since Fleet Financial Group paved the way with a pioneering offering. But one-Mellon Bank Corp.-stands above the pack.

Mellon's Dreyfus Funds unit managed $4.2 billion in variable annuities- more than two-thirds of the $6.1 billion in bank proprietary annuities as of Sept. 30, according to data from Lipper Analytical Services, Summit, N.J.

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