Money management firm Phoenix Duff & Phelps Corp. is shuttering its unit that provides stock research for 25 bank trust departments, financial planners, and other clients.

The Hartford, Conn.-based company plans to focus on its core business of managing money for retail and institutional investors, a spokeswoman said.

In addition, Phoenix is negotiating the sale of its financial consulting and investment banking business to executive officers in that unit.

Both businesses generated less than 3% of the company's $34.3 billion in assets, and less than 10% of total revenues in the first quarter, according to the company.

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