Reuters, the global news and information group, has sold The Yankee Group, the last of its research and advisory firms, as part of the continued cost cutting drive which helped a return to profit last year.

The Yankee Group has been bought by private equity firm Monitor Clipper Partners and a group of private investors. This follows the sale of its other advisory company Towergroup to Mastercard Advisors earlier in the year. Details of the transaction were not disclosed. The Yankee Group has 150 employees and recorded revenues of $32m in 2003.