American Funds [see profile] is tops among fund families used in the independent broker-dealer channel, according to an InvestmentNews survey.

The trade pub polled 99 broker-dealers, 96 of whom said American Funds was among the three fund groups that their advisors sold or recommended the most to clients over the past year.

Franklin Templeton [see profile] came in second place, with 75 respondents mentioning the San Mateo, California-based fund firm, and OppenheimerFunds [see profile] was third, with 31 mentions.

Despite being a favorite among advisors, American Funds had $50 billion in net outflows in 2010, according to Fuse Research Network, which used Morningstar data. American Funds has $857 billion of assets under management.

"The firm's gross sales probably had it on the top of any broker-sold product list," Fuse founder Neil Bathon was quoted in the article as saying.  

Edited by: Hung Tran


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