Bank sales of long-term stock and bond mutual fund shares increased modestly to 14% of overall sales in 1993 from 13% in 1992, according to a new survey by the Investment Company Institute.
The survey, which collected statistics on sales of mutual fund shares sold through bank channels, provides a more comprehensive picture of the activities of both bank proprietary and nonproprietary funds, the institute said.
New sales of long-term funds through banks rose to $67.5 billion in 1993, compared with $43.8 billion in 1992. The sales totaled $28.1 billion in 1991. The new sales category does not include sales charges, exchanges, or reinvested dividends.
Proprietary funds represented 49% of all long-term fund sales in 1993, up from 45% in 1991. Stock and bond fund assets from bank sales increased to $131.9 billion in 1993, up from $79.8 billion in 1992. Money market fund assets grew to $165.7 billion from $149.8 billion during the same period.
Among the survey's respondents, the number of bank proprietary mutual funds rose to 794 in 1993, from 521 in 1992 and 378 in 1991. Nonproprietary funds sold through banks also increased during 1993, to 986 from 722 in 1992, the institute said.