Marcato Capital Exercises Calls on LPL Financial; Owns 6.4% of the Company ~ market folly

Wednesday, November 25, 2015

Marcato Capital Exercises Calls on LPL Financial; Owns 6.4% of the Company

Mick McGuire's activist firm Marcato Capital Management filed an amended 13D with the SEC recently regarding its position in LPL Financial (LPLA).  Per the filing, Marcato now owns 6.4% of the company with over 6 million shares.

This is up from the 550,000 shares Marcato owned at the end of the third quarter and is mainly due to Marcato exercising call options on November 20th at a unit cost of 20 each.

Per Google Finance, LPL Financial is "an independent broker-dealer, a custodian for registered investment advisors (RIAs) and an independent consultant to retirement plans. The Company provides a platform of brokerage and investment advisory services to independent financial advisors, including financial advisors at around 700 financial institutions, enabling them to provide their retail investors with objective financial advice. It also supports approximately 4,400 financial advisors who are affiliated and licensed with insurance companies through customized clearing services, advisory platforms, and technology solutions. It provides its advisors with the front-office, middle-office, and back-office support. The Company provides its technology and service to advisors through a technology platform that is server-based and Web-accessible. Its subsidiaries include LPL Financial LLC, The Private Trust Company, N.A., Independent Advisers Group Corporation and LPL Insurance Associates, Inc."

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