Avondale Partners LLC will eliminate its cash equities business and cut about two dozen jobs while growing its wealth management and investment banking divisions.

The growth in the Southeast and Nashville and the city's central role in the healthcare industry have bolstered Avondale Partners' wealth management and advisory businesses, the company said in a release. Its cash equities business — which includes equity research, sales and trading — has been hurt by the growth of passive asset management, industry regulations and the change in the structure of equity markets, CEO Robert Shepherd said in a statement.

The company will cut 20 to 25 as part of the restructuring, while eventually adding at least six jobs to expand wealth management, Shepherd told the Nashville Business Journal.