First Horizon National Corp. has shut down its institutional equity research business after a deal announced last summer fell through.
The $26.1 billion-asset Memphis company said it would record a charge of roughly $10 million this quarter tied to its leaving the business. A company spokesman said the move was effective immediately and that severance would be available to the roughly 100 employees at the business.
First Horizon announced in September that it planned to sell the business, an operation of FTN Equity Capital Markets Corp., to Point Capital Partners LLC. Neither party gave an explanation for the deal's collapse.