Nov. 13 (Bloomberg) -- LPL Financial Holdings Inc., 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.
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