Sanders Morris Harris Group announced on July 28 its plans to close its high-grade corporate bond and mortgage-backed agency businesses. This announcement comes just more than eight months after the establishment of the New York group, which was staffed with some 30 former Advest Group bond department employees at the end of 2005.

The closures of the businesses were mainly due to waning returns. "The actual revenues in the first quarter and then in the second were significantly less than what the [businesses have] done in the past and what they planned to do," said George Ball, chairman of the company, in an interview.

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