Bryn Mawr Bank shuts down investment advisory business
Bryn Mawr Bank in Bryn Mawr, Pa., has shuttered an investment advisory business.
The $5.3 billion-asset bank said in a press release Monday that it incurred $2.3 million in expenses during the second quarter tied to winding down BMT Investment Advisers.
Bryn Mawr said the expenses included $1.8 million to shut down the business and $425,000 in severance. The bank did not provide any other details in the release.
BMT Investment Advisers, formed in May 2017, has served as the investment adviser to BMT Investment Funds, a Delaware statutory trust.
The bank said its second quarter earnings fell by 5% from a year earlier to $15 million. It lost $11.2 million in the first quarter of 2020.