November 11, 2010 / 9:24 PM / 7 years ago

UPDATE 1-Jefferies sells clearing business to BNY Mellon

* Terms not disclosed

* Broker dealer clearing is not core to Jefferies business

NEW YORK, Nov 11 (Reuters) - Jefferies Group Inc JEF.N said on Thursday it agreed to sell its broker-dealer clearing and custody business to Bank of New York Mellon (BK.N) subsidiary Pershing.

Pershing will add Jefferies' broker-dealer customers to its existing business providing clearing and other services to broker dealers, Jefferies said in a statement.

Jefferies, a securities and investment banking firm, did not disclose the terms of the deal.

The sale will not be material to its earnings, the company said in the statement.

"Broker-dealer clearing is not core to serving Jefferies' client base of institutional investors and corporate and government issuers," said Chief Executive Richard Handler in the statement. (Reporting by Elinor Comlay; editing by Andre Grenon)

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