October 12, 2007

Expanded Clearing Options

LPL affiliates can also clear through Pershing

Affiliates of Linsco/Private Ledger, (LPL) will have additional choices when it comes to clearing, as LPL will offer "a choice of clearing through Pershing or LPL platforms," according to an October 9 announcement.

LPL, with 10,000-plus affiliated advisors, has grown fast through an acquisition strategy that saw the firm buy UVEST in 2006, and then LPL announced the acquisition of three Pacific Life B/Ds last April: Waterstone Financial Group, Mutual Service Corporation, and Associated Securities Corp. LPL Chairman and CEO Mark Casady says in the announcement, "Our partnership with Pershing is a critical component of continuing LPL's acquisition strategy."

Of course Pershing is no stranger to mergers, having been acquired by The Bank Of New York (now The Bank of New York Mellon Corporation) in 2003.

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