Banc of America Securities is selling Prime Trading Group, a unit of its prime brokerage business, because less than 0.5% of its clients were using the service.

BoA Securities is selling the business because most of its hedge fund clients have their own trading capability and did not need the services provided by Prime Trading. The bank's four-person outsourced trading services were used by fewer and fewer of its prime brokerage clients. According to Melissa Fox, a spokeswoman for BoA, less than 30 of the bank's 600-plus prime brokerage clients used the services provided by Prime Trading.