JPMorgan Chase & Co. sold a majority stake in a research subsidiary it acquired from Bear Stearns Cos. to the unit's managers and the New York investment firm Hidary Group.
The deal closed Tuesday. JPMorgan Chase retained a minority stake in Primary Insight LLC, which provides a form of alternative equity research called expert networking, a matchmaking service for firms looking for advice from experts in various industries.
A source close to JPMorgan Chase said it was a noncore business that never fit properly into its research operation.
