LPL Financial to Acquire Fortigent; Terms Not Disclsoed
LPL Financial LLC today announced the intent of its parent company to acquire Fortigent. LPL Financial is a wholly owned subsidiary of LPL Investment Holdings Inc. (NASDAQ: LPLA).
Upon completion of this transaction, Fortigent will remain solely focused on supporting sophisticated practices and those serving high-net-worth clients. Fortigent will retain its brand, its existing management team and its Rockville, MD, headquarters. Andrew Putterman will continue to lead Fortigent, reporting directly to Robert Moore, chief financial officer of LPL Financial.
The transaction is expected to close in the first quarter of 2012, subject to customary closing conditions. Financial terms of the transaction were not disclosed.
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