LPL Investment raises $470M in IPO

LPL Investment Holdings Inc., the brokerage and investment advisory firm owned by private equity firms TPG Capital and Hellman & Friedman LLC, raised $470 million in its initial public offering.
NOV 18, 2010
By  Bloomberg
LPL Investment Holdings Inc., the brokerage and investment advisory firm owned by private equity firms TPG Capital and Hellman & Friedman, raised $470 million in its initial public offering. LPL sold 15.66 million shares for $30 each after offering 15.61 million shares at $27 to $30 apiece, according to its filing with the Securities and Exchange Commission and data compiled by Bloomberg. The Boston-based company will use the proceeds to pay debt, the prospectus said. LPL is one of at least four companies backed by private equity firms scheduled to sell shares in the biggest week for U.S. IPOs since March 2008, data compiled by Bloomberg show. The sale came after the Standard & Poor’s 500 Index today halted its longest stretch of declines in three months. Private-equity firms TPG of Fort Worth, Texas, and San Francisco-based Hellman & Friedman, each owned 36 percent of LPL. Neither firm intended to sell shares in the IPO and would have retained a combined 64 percent stake, based on the original terms of the offering. LPL starts trading tomorrow on the Nasdaq Stock Market under the ticker LPLA. New York-based Goldman Sachs Group Inc. and Morgan Stanley led the sale. Bloomberg

Latest News

No succession plan? No worries. Just practice in place
No succession plan? No worries. Just practice in place

While industry statistics pointing to a succession crisis can cause alarm, advisor-owners should be free to consider a middle path between staying solo and catching the surging wave of M&A.

Research highlights growing need for personalized retirement solutions as investors age
Research highlights growing need for personalized retirement solutions as investors age

New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.

Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones
Advisor moves: RIA Farther hails Q2 recruiting record, Raymond James nabs $300M team from Edward Jones

With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.

Insured Retirement Institute urges Labor Department to retain annuity safe harbor
Insured Retirement Institute urges Labor Department to retain annuity safe harbor

A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.

LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors
LPL Financial sticking to its guns with retaining 90% of Commonwealth's financial advisors

"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.