NEW YORK -- In a continuing effort to focus on businesses that carry its own brand name, American Express Co., said it will sell its Ayco Corp. subsidiary.

Acquired by the financial services company in 1983, Ayco provides fee-based counseling to high-net-worth individuals, including executives of Fortune 500 companies, as well as financial education programs and seminars for corporate employees.

Ayco will be sold to Ayco Co., a partnership formed by members of Ayco management. The transaction is expected to be completed by yearend.

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