Brown & Co, the online brokerage unit of JP Morgan Chase is to buy the brokerage operations of mutual fund family Dreyfus, boosting its assets under management by $6 billion.
Dreyfus, which is a unit of Mellon Financial, is selling the brokerage unit to Brown in an all-cash deal, the terms of which were not disclosed. Brown is acquiring 75,000 accounts.
"This transaction is part of the continued sharpening of our strategic focus," says Stephen Canter, Mellon vice chairman and Dreyfus chief executive.