* 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)