Bay Isle Financial will discontinue management of active domestic...

Bay Isle Financial will discontinue management of active domestic large-cap value stocks and focus on active domestic small-cap value equity and REITs, said William Schaff, president and CIO. About $100 million will be returned to clients, and no layoffs are planned; staff managing the strategy will join the small-cap team, Mr. Schaff said. The move follows today's closing on the sale of Bay Isle's $600 million private client group to First Republic Bank for $8 million.