ATLANTA - Wheat First Butcher Singer Inc. has made a "substantial" investment in Atlanta-based Jackson Securities Inc., a broker-dealer and financial advisory firm founded in 1987 by former Atlanta Mayor Maynard Jackson.

Mark M. Gambill, chairman of the capital markets group at Wheat First, said yesterday its stake in Jackson Securities will help the minority-owned firm expand its municipal finance, asset management, and corporate finance operations. Gambill declined to reveal terms, but said that Maynard Jackson will remain Jackson Securities' majority shareholder and chairman.

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