On the tail of direct competitor and market leader Putnam Lovell Securities - which has already issued approximately $350 million in variable annuities - Constellation Financial Management is looking to tap the variable annuities sector going forward.

"We see the insurance asset as becoming more and more important," said Joseph D'Anna, a managing director at Constellation. "There is a deferred commission asset which is based on annuity products and life insurance products that is very similar to the mutual funds fee product."

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