Firm Plans to Exit MBS Agency Biz in NYC

Sanders Morris Harris Group Inc., Houston, has announced plans to exit the mortgage-backed agency and high-grade corporate bond businesses in New York City.The company said the move will close most of the fixed-income activities that it staffed with former Advest bond department employees at the end of last year. It estimated that its operating losses in the New York Fixed Income Division totaled approximately $2.2 million in the second quarter. SMHG said its core high-yield and syndicate activities in New York will continue, as will its Houston Fixed Income Division. The company can be found online at http://www.smhgroup.com.