LPL buying spree yields robust results

The acquisition strategy of LPL Investment Holdings Inc., the parent of Linsco/Private Ledger Corp. and other broker-dealers, is yielding impressive results.
LPL Investments, which is based in Boston, reported net income of $53.3 million over the first nine months of the year, compared to $20.4 million in the same period last year. For the third quarter, its net income was $11.6 million versus $5.2 million last year.
Revenue for the first nine months of the year was $1.94 billion compared to $1.27 billion for the same period last year, an increase of 53%.
Revenue for the third quarter was $725 million compared to $421 million in 2006, an increase of 72%
LPL has more that 10,000 affiliated reps.
This year, it has acquired four broker-dealers and some 2,900 reps and advisers.
In January, it acquired UVEST Financial Services Group, Inc of Charlotte, with some 800 reps who work in banks and financial institutions.
In June, LPL acquired three broker-dealers and 2,100 reps and advisers from the Pacific Life Insurance Co. of Newport Beach, Calif.: the Mutual Service Corp. of West Palm Beach, Fla.; Associated Securities Corp. of El Segundo, Calif.; and Waterstone Financial Group of Itasca, Ill.