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Bank mutual fund sales rose in October

Banks increased their sales of mutual funds by 18 percent, while variable annuity sales rose by four percent for the month of October, according to a study by Kenneth Kehrer associates, a consulting and research firm based in Princeton, New Jersey.

According to the Kehrer-Equitable Monthly Bank Investment Services Monitor, the typical bank has almost fully recovered from September's sharp drop in mutual fund and other investment sales stemming from the market's volatility in August and September. During October, 17 banks participated in the study.