LPL Financial, a wholly owned subsidiary of LPL Investment Holdings, said in a statement that after the acquisition Fortigent will retain its brand, its existing management team and its Rockville headquarters.

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Subject to customary regulations, the transaction is expected to close in the first quarter of 2012 and will remain focused on supporting sophisticated practices and those serving High-Net-Worth clients.

The statement also announced that Andrew Putterman will continue to lead Fortigent and will be reporting directly to Robert Moore, chief financial officer of LPL Financial.

Commenting on the recent developments, Moore said, "Building upon our success with RIAs and High-Net-Worth advisors, this acquisition will combine LPL Financial’s scale and experience in helping advisors manage the complexity and growth of their practices with Fortigent’s platform of research, reporting and alternative investment solutions for RIAs and Ultra High-Net-Worth advisors."

 

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