LPL Financial announced Thursday it has signed an agreement to buy Concord Capital Partners.
Concord offers technology and open architecture investment management solutions for trust groups of financial institutions. Based in Matawan, N.J., it has more than $10 billion in assets under administration.
Through its institution services unit, LPL is largest provider of third-party investment services to banks and credit unions. When the acquisition is completed, LPL will be able to support both the brokerage and trust business lines of current and prospective financial institution partners.
Dan Arnold, the divisional president and managing director for LPL Financial Institution Services, said the deal “will significantly expand the services and support we can offer the trust departments of our existing financial institution customers and create multiple new expansion opportunities for us in this space.”
“Concord Wealth Management’s open architecture platform makes the firm a particularly strong fit with our business model and our commitment to offering our advisors, and, upon closing of this transaction, Concord’s customers access to a broad range of quality investment options for their clients,” he said.
The deal is expected to close in the third quarter. The price of the deal was not disclosed.