BNY Mellon's Pershing Unit Announces Acquisition of Broker-Dealer Clearing Services Business from Investment Banking Firm, Jefferies & Company

JERSEY CITY, N.J., Nov. 11, 2010 /PRNewswire-FirstCall/ -- Pershing LLC, a BNY Mellon company, announced today that it has reached an agreement with Jefferies & Company, Inc., the global securities and investment banking firm, to transition select clearing and custody relationships with introducing broker-dealer firms to Pershing. The terms of the transaction are undisclosed and are subject to regulatory approval.

Under this agreement, Pershing will offer its comprehensive array of customizable products, processing services and technology solutions to Jefferies' customers representing both retail and institutional broker-dealers.

Brian Shea, chief executive officer of Pershing, said, "This transaction further reinforces our commitment to our core business of providing market leading outsourcing solutions to financial organizations and investment professionals worldwide.  These broker-dealer firms represent an excellent business fit for Pershing, and we are excited about the opportunity to provide them with market leading technology, trading and business solutions they need to maintain a competitive advantage."

Pershing LLC (member FINRA/NYSE/SIPC) is a leading global provider of financial business solutions to more than 1,150 institutional and retail financial organizations and independent registered investment advisors who collectively represent approximately five million active investors. Located in 21 offices worldwide, Pershing and its affiliates are committed to delivering dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions, practice management support and service excellence. Pershing is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange.  Pershing LLC is a BNY Mellon company. Additional information is available at www.pershing.com.

BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 36 countries and serving more than 100 markets.  BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team.  It has $24.4 trillion in assets under custody and administration and $1.14 trillion in assets under management, services $12.0 trillion in outstanding debt and processes global payments averaging $1.6 trillion per day.  BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK).  Additional information is available at www.bnymellon.com.

SOURCE Pershing LLC