Independent broker-dealer, LPL Financial, will acquire Concord Capital Partners and some of its subsidiaries for an undisclosed amount. Concord, which has over $10 billion assets under management, is a provider of technology and open architecture investment management solutions.
The deal is expected to be completed in the third quarter of 2011, following which all Concord employees are expected to join LPL Financial. Optima Group acted as the financial consultant to Concord.
Click here for the release from PR Newswire.