The United Way of Metropolitan Nashville is taking a big hit because of the purchase of J.C. Bradford & Co. by PaineWebber Group, The Wall Street Journal reported Nov. 8.
The June deal triggered the loss of more than 80 percent of the contributions that partners and employees of the Nashville broker were making to the United Way.
And New York-based PaineWebber won’t keep up J.C. Bradford’s long-standing annual corporate gift.
United Way officials expect the damage this year to be $400,000, or 1.7 percent of its $23.4 million fundraising goal.
But because of an extra fundraising push and strong economy, total donations this year are expected to grow 6 percent from 1999, the Journal said.
Most of the support from the brokerage came from a few partners, including wealthy investment bankers who made increasingly big gifts. In the 1990s, partners and employees gave roughly $2.7 million – half of it in the past three years.