LPL Financial, the nation’s largest independent broker-dealer, has held talks to acquire Commonwealth Financial Network, a rival brokerage house with approximately $344bn in assets, according to sources with knowledge of the situation.
It was not immediately clear if a transaction between the two sides has been finalized, sources said. Citywire first reported in January that Commonwealth was pursuing a new investor and had retained Goldman Sachs to serve as its investment banker. Citywire reported at the time that Commonwealth would sell a minority stake in itself instead of pursuing a full acquisition of the company.
Spokespeople for LPL and Commonwealth did not respond to requests for comment by the time of publication. A spokesperson for Goldman Sachs declined to comment.
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