Pershing to buy broker-dealer clearing business from Jefferies

Nov 12, 2010 @ 8:54 am

Investment bank Jefferies Group Inc. said Thursday that it's selling its broker-dealer clearing and custody business to Pershing LLC, a unit of Bank of New York Mellon Corp.

Terms of the sale to Pershing LLC were not disclosed.

Jefferies CEO Richard Handler said in a release that the broker-dealer clearing business isn't core to serving the company's clients.

The company said the sale will likely result in a small gain at closing, which is expected next year.

In the release, the companies noted that 'select clearing and custody relationships' will be transitioned to Pershing; further details were not divulged.

--Associated Press

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