LPL Financial (LPLA) says CFO Dan Arnold will replace outgoing President Robert Moore, who will leave to become CEO of Legal & General Investment Management America, on March 13.
“We thank Robert for his contributions to LPL and congratulate him on his new role,” said Chairman and CEO Mark Casady, in a statement. “Leading Legal & General Investment Management America is an exceptional opportunity for Robert, and we know he will remain a passionate advocate and friend of LPL. We wish him all the best.”
Legal & General Investment Management America (LGIMA) is a Chicago-based unit of Legal & General Investment Management (Holdings) Ltd., of London. The SEC-registered advisory firm has 74 employees and manages close to $110 billion using fixed income and commodity strategies.
“I believe deeply in LPL’s mission and remain an advocate and friend of the organization. I know that I am leaving a great team in place to move this mission forward. Joining LGMIA is an exceptional opportunity to lead another talented team and to shape the future of a thriving global asset management firm,” said Moore in a statement.
For Moore’s replacement, the challenges of running such a large and diverse enterprise will be formidable. Last week, for instance, the indie broker-dealer said it was going to spend $9 million to restructure its high-net-worth operations, which do business under the Fortigent brand.
In its full-year 2014 earnings announcement, the broker-dealer said its profits fell 2% to $178 million; on an adjusted basis, they dropped 4% to $259 million. Expenses grew 6% to $4.1 billion last year.
LPL Financial has about $475 billion in retail assets under advisement. It supports 14,000 independent financial advisors and more than 700 banks and credit unions.
For RIAs, it custodies $91 billion, and the firm serves as an independent consultant to some 40,000 retirement plans with roughly $115 billion in assets. In addition, it supports about 4,400 advisors licensed by insurance companies.