Independent brokerage LPL Investment Holdings Inc on Tuesday said it would acquire Fortigent LLC, a firm that provides investment services and practice-management advice to high-end financial advisers.The acquisition is expected to give a boost to LPL's efforts to attract independent investment advisers, particularly those who cater to high net-worth clients.LPL is already the largest provider of technology and investment services to more than 12,000 self-employed broker-dealers.Closely-held Fortigent handles about $50 billion of client assets for some 90 financial advisers. The firm will retain its brand and its headquarters in Rockville, Maryland. Fortigent's CEO and president Andrew Putterman will continue in that role.
LPL Investment Holding Inc. (LPLIH) is a provider of technology, brokerage and investment advisory to independent financial advisors and financial advisors at financial institutions in the United States of America. Shares of LPLA fell by 0.23% or $-0.07/share to $30.47. In the past year, the shares have traded as low as $23.04 and as high as $37.50. On average, 198234 shares of LPLA exchange hands on a given day and today's volume is recorded at 104527.
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