LPL to buy Concord Capital

LPL Financial will acquire Concord Capital Partners, the first acquisition for the independent broker-dealer since its parent company --LPL Investment Holdings-- went public in November. Terms of the deal, which is expected to close in the third quarter, were not disclosed. Concord, which has more than $10 billion in assets under administration, is a provider of technology and "open architecture investment management solutions" specifically for trust groups of financial institutions, according to a statement issues by the companies this afternoon. The acquisition, according to the statement, will allow LPL to expand its existing institutions service business by broadening its reach in the financial services market place. The deal has the potential to "redefine this marketplace", said Dan Arnold, divisional president and managing director for LPL Financial Institution Services, in the statement.