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Heritage Global to outsource services of investment bank unit

Heritage Global Inc. plans to outsource the origination and execution services provided by unit Equity Partners HG in a bid to improve operating efficiencies.

Ken Mann, senior managing director at the unit, and his team will transfer to a separate entity from Heritage Global at the end of 2019. Equity Partners, which has completed nearly 600 distressed M&A deals in its history, will still participate in deals involving distressed assets, Heritage Global said.

Heritage Global, a unit of Street Capital Group Inc., expects to record a noncash goodwill impairment charge of about $600,000 due to the plan. It does not expect any other material financial impact from the transaction.