JPMorgan joins Goldman as indexed annuities boom lures banks
March 5, 2015 by Ben Eisen
(Bloomberg) — Sales of indexed annuities surged 23 percent last year, prompting banks including JPMorgan Chase & Co. to expand into the booming structured-product market.
Symetra Financial Corp. began marketing annuities whose returns are derived from JPMorgan’s ETF Efficiente 5 Index on Tuesday, according to Diana McSweeney, a Symetra spokeswoman. The index, which targets a low volatility level by rebalancing monthly between cash and 12 exchange-traded funds that track a variety of assets from gold to high-yield bonds, is already used in structured notes and market-linked CDs. Click HERE to read…