LPL Financial Services of San Diego and Boston and Pershing LLC of Jersey City, N.J., have entered an agreement to expand Pershing’s products and services to LPL’s broker-dealers that use Pershing.
Linsco/Private Ledger is self-clearing; however, over the past 14 months it has acquired four broker-dealers that use the Pershing platform: Mutual Service Corp., Associated Securities Corp., Waterstone Financial Group, and UVEST.
The LPL network totals some 10,000 affiliated reps and advisers, and those advisers have a choice to clear through either platform, the companies said in a statement.
Details of the agreement were not specified.
LPL and Pershing have recently gone head to head as they vied for clearing clients.
Last December, LPL won the clearing business of AXA Advisors, previously one of Pershing’s biggest clients.
“Solidifying our partnership with Pershing is a critical component of continuing LPL’s acquisition strategy,” said Mark Casady, chairman and CEO of LPL, in a statement.
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