Fewer than 100 employees are affected, about 10 of them in Nashville.
A spokesman for the parent company, Anthony Hicks of First Horizon National Corp., said he could not disclose why the sale to Point Capital Partners didn’t happen. The sale was expected to close in the fourth quarter of last year.
One managing partner at Point Capital referred questions to a different managing partner, who could not be reached this morning.
Hicks said First Horizon did look for another buyer but had determined that “the business was not a strategic fit.” He said the closure was effective immediately.
The stock research business is extremely competitive with lots of firms vying for dwindling margins. One analyst estimated FTN Equity Capital made less than $80 million per year in revenues for a firm with $26 billion in assets.
The bank will take a $10 million charge to earnings related to the shutdown. The stock was down 8 cents to $12.87 cents per share this morning on the New York Stock Exchange.
Standardized Short Sale Process Will Benefit All PartiesIasis repurchases preferred stock with cash
