After 13 years, First Tennessee Bank has decided to close up shop on its mutual funds business, mainly because of the high attending costs, The Commercial Appeal reports. According to the paper, the bank spent the good part of a year figuring out what to do with its three money market funds, two stock funds and two fixed-income funds, with total assets of $1.5 billion. After doing all the calculations, the bank realized that the amount of assets wasn't enough to offset the back-office expenses, most notably those associated with compliance issues.

In the end, First Tennessee decided to dissolve the funds by the end of March and merge them with other funds managed by Goldman Sachs Asset Management.

"You've got to be large and committed to be large to spread the cost," banking analyst Kevin Reynolds of Memphis-based Stanford Financial Group told the Commercial Appeal.