Bloomberg News

LPL Drops as Hellman & Friedman Funds Reduce Stake: Boston Mover

November 13, 2012

LPL Financial Holdings Inc. (LPLA:US), the Boston-based brokerage and investment advisory firm, dropped as much as 17 percent after one of its main private-equity investors signalled plans to reduce a stake.

Hellman & Friedman LLC funds plan to distribute 8.1 million shares to their investors, cutting a combined holding by about 30 percent, LPL said today in a regulatory filing. LPL recovered after falling as low as $23.17. It was down 5.1 percent to $26.55 as of 11:01 a.m. in New York.

LPL, which provides brokerage and technology services to investment advisers who manage money for individuals, has dropped 12 percent since it went public for $30 a share in 2010. San Francisco-based Hellman & Friedman and TPG Capital are the firm’s largest investors, according to data (LPLA:US) compiled by Bloomberg.

To contact the reporter on this story: Zeke Faux in New York at zfaux@bloomberg.net.

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


American Apparel's Future
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Companies Mentioned

  • LPLA
    (LPL Financial Holdings Inc)
    • $48.25 USD
    • -0.54
    • -1.12%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus