Banks' investment services revenues rebounded strongly in October, reversing a trend of declines that began in April, according to a survey by Kenneth Kehrer Associates, Princeton, N.J.
Banks averaged $169 of investment services revenue per $1 million of consumer deposits in October, up 14% from September, Kehrer Associates found in its survey of 17 large banks. Equitable Distributors, a unit of Equitable Insurance Co., sponsors the survey.
Mutual fund sales were up 18% in the month, and variable annuity sales rose 4%. Kehrer Associates did not disclose precise revenue and sales figures.
Investment services revenues for October were off from the second- quarter peak of $205 per $1 million of consumer deposits, the survey said. However, October revenues were roughly in line with levels achieved during most months over the past two years, Kehrer Associates said.