LPL Financial Services announced today it has agreed to buy Uvest Financial Services of Charlotte, N.C.
The deal combines
LPL, the nation's largest independent brokerage firm, with one of the
largest providers of independent, non-proprietary third-party brokerage
services to financial institutions.
The deal is
expected to close later this year pending regulatory approval,
according to the companies. Terms of the purchase were not disclosed.
The combined
company will generate about $250 million in annual revenues and serve
more than 700 financial institutions nationwide, according to the two
companies.
Under terms of the
deal, Uvest management will remain intact and continue to operate at
its Charlotte headquarters. Uvest president and chief operating officer
Dan Arnold will become CEO of Uvest and assume oversight and
responsibility for LPL's Financial Institution Services (FIS) business.