Spear Financial Services Inc. has reached an agreement to sell its discount brokerage business to Quick & Reilly Inc.

Spear said it was making the divestitute to focus on its core business: marketing mutual funds, life insurance, and annuities to financial institutions through its James Mitchell & Co. subsidiary.

Focusing on Core Business

The move will position Spear to take advantage of growth in this core area, the company said.

Under the agreement, the company's Spear Rees & Co. unit will transfer its discount brokerage accounts to Quick & Reilly.

The transaction is expected to be completed this month. Terms were not disclosed.

Berkshire Capital Corp., a New York-based investment banking firm that specializes in brokerage operations, acted as adviser to the company in both transactions.

Quick & Reilly Inc., based in New York City, is the third-largest discount brokerage in the nation.

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