LPL Drops as Hellman & Friedman Funds Reduce Stake: Boston Mover

LPL Financial Holdings Inc. (LPLA), the Boston-based brokerage and investment advisory firm, dropped as much as 17 percent after one of its main private-equity investors signalled plans to reduce a stake.

Hellman & Friedman LLC funds plan to distribute 8.1 million shares to their investors, cutting a combined holding by about 30 percent, LPL said today in a regulatory filing. LPL recovered after falling as low as $23.17. It was down 5.1 percent to $26.55 as of 11:01 a.m. in New York.

LPL, which provides brokerage and technology services to investment advisers who manage money for individuals, has dropped 12 percent since it went public for $30 a share in 2010. San Francisco-based Hellman & Friedman and TPG Capital are the firm’s largest investors, according to data compiled by Bloomberg.

To contact the reporter on this story: Zeke Faux in New York at

To contact the editor responsible for this story: David Scheer at

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.