Nearly a year after LPL Financial LLC filed for an initialpublic stock offering, the company that counts more than 200 creditunions among its clients is consolidating one of itssubsidiaries.
The broker-dealer said it will consolidate UVEST FinancialServices Group Inc. onto its self-clearing platform. Credit unionand bank investment programs currently with UVEST will remain partof the existing LPL Financial Institution Services division. Theconsolidation is scheduled to start in June and be completed byyear-end.
LPL Financial said the move will be better positioned to makegreater investments in technology, research, practice management,and back-office support in addition to creating operationalefficiencies.
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