The financial institution appointed by the judge to become co-conservator of Britney Spears‘ estate is bowing out before it even gets started … TMZ has learned.

Sources with direct knowledge tell us … Bessemer Trust has decided it does not want to get involved because it’s become gun-shy over all the controversy surrounding the conservatorship.

As one source put it … Bessemer feels the circumstances surrounding Britney’s conservatorship have become a “hornet’s nest” … so it’s bailing.

Our sources say Bessemer doesn’t want to deal with Jamie Spears, but there’s more. It has issues, we’re told, with Britney’s lawyer, Sam Ingham, along with all of the public outcry over her case … especially after Britney’s courtroom cry for help last week.

That means, at least for now, Britney’s dad will remain sole conservator of her estate.

We broke the story … the judge denied attorney Ingham’s request to suspend Jamie from estate conservatorship duties back in November. However, the judge did approve Bessemer being made co-conservator along with Jamie, but it still hasn’t taken effect yet because Ingham waited until a few days ago to file the necessary documents for that to happen.

It’ll all be a moot point now … because Bessemer’s getting out.

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