Short Takes: PNC Selling Brokerage To Focus on Funds

PITTSBURGH - PNC Bank Corp. will shed its discount brokerage to concentrate on selling mutual funds and other securities through licensed branch salespeople.

The bank agreed last week to sell its TradeSaver discount brokerage to BHC Financial, which has long served as clearing agent for PNC. Terms were not disclosed.

PNC operated the discount brokerage for several years for customers and correspondent banks that shunned investment advice in favor of paying less for trades.

The unit's sale "will allow us to focus on a full-service strategy," a PNC spokesman said.

PNC currently sells its own mutual funds and other investment products through a full-service sales program with 200 brokers.

The bank expects to expand its sales effort through its pending acquisition of Midlantic Corp., Edison, N.J.

The acquisition of PNC's unit is the latest in a string of purchases that BHC is making to build up its discount brokerage business.

BHC's primary business remains electronic clearing for banks, in which the company processes buy and sell orders that branch customers place.