Bank brokerage sales fell 10% in 4Q

The BISA-Singer Bank Brokerage Index dropped 10% in the fourth quarter, the Bank Insurance and Securities Association announced yesterday. The index’s drop to 108 in the fourth quarter from 119 in the third quarter follows a 1% drop from the second to third quarters. The index is based on quarterly brokerage revenue at 20 banks, the Wayne, Pa.-based group reported. The aggregate brokerage revenue of the banks covered fell 8%, to $174.17 million, from $188.95 million. Given the severe economic decline in the fourth quarter, the index’s decline was relatively modest, Heywood Sloane, managing director of the association, said in a statement. Brokerage sales included both annuities and securities. Annuities comprise 63% of brokerages’ revenue, up from 57% in the first quarter of 2007, the association reported. The index is produced by the association and Singer’s Annuity & Funds Report, a product of Singers Publications of Mamaroneck, N.Y.