Akellian hire signals LPL's designs on clearing biz

LPL Financial has landed a big fish in the brokerage industry to lead its clearing and custody business, known as LPL Financial Custom Clearing Services. David Akellian, who has almost 30 years in the business, will be executive vice president, head of that unit and based in San Diego, the firm said in a statement yesterday. Since July 2009, Mr. Akellian was chairman and chief executive of Century Securities Associates Inc., an independent broker-dealer owned by Stifel Financial Corp. From 2001 to 2008, he worked at Merrill Lynch & Co. Inc., where he was president and head of global clearing and execution services. Before that, Mr. Akellian was chief operating officer and head of investment manager services for the Pershing division of Donaldson Lufkin & Jenrette Securities Corp. He worked at DLJ from 1984 until 2000. Mark Casady, CEO of LPL Investment Holdings Inc., said in January that the company was increasing its efforts to convince broker-dealers and registered investment advisers to use its clearing and custody platform. Seven insurance companies currently use the platform, either for broker-dealers or registered investment advisers. About 4,000 non-LPL reps and advisers use its clearing and custody platform. Mr. Akellian will report directly to Jon Eaton, managing director of LPL Financial. LPL is the largest independent broker-dealer, with 12,500 reps and advisers. The B-D became a publicly traded company in November.