Bank of New York unit to acquire Wilshire brokerage business

BNY Brokerage, a Bank of New York subsidiary, agreed to acquire Wilshire Associates' brokerage business, subject to NYSE approval, according to a news release from the two firms. The deal includes Wilshire's execution and commission management assets. Terms were not disclosed. As part of the agreement, Wilshire will not solicit clients of its other business units to use BNY Brokerage services, but clients of Wilshire Analytics that now use Wilshire's brokerage services will have the option of using BNY Brokerage. Also, BNY Brokerage will provide clearing services for other broker-dealer firms currently serviced by Wilshire's brokerage business.