Striving to become a major player in mutual fund sales through financial institutions, New York Life Insurance Co. has created a bank and financial adviser division and beefed up its wholesaler staff.

The company plans to more than triple its bank fund sales this year, to more than $100 million, and it wants to be one of the top 10 bank distributors within three to five years, said Frank Mistero, president of its NYLife Distributors Inc. in Parsippany, N.J.

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