Pershing to buy broker-dealer clearing business from Jefferies

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