US financial services group PNC has filed a motion in New York for a temporary order restraining Wachovia Securities, a non-bank affiliate of Wachovia, from trying to take its employees and trade secrets. PNC claims Wachovia is attempting to recruit certain of its advisors and persuade them to bring clients by saying in a letter of 30 November 2007 that PNC Investments' parent company "is exiting the retail brokerage business", according to the court filing. PNC say the claim is not true: although it sold its Hilliard Lyons regional brokerage unit to Houchens Industries in November, PNC said it would continue to offer wealth management and investment products and services. Wachovia Securities has declined to comment.