UPDATE 1-LPL Financial to acquire trust services company
* LPL to acquire Concord Wealth Management
* Concord offers products, technology to trust departments
* Terms of deal not disclosed
NEW YORK, April 20 (Reuters) - LPL Financial said on Wednesday it plans to acquire Concord Wealth Management, which provides products and technology to trust departments in banks and credit unions.
LPL already provides investment platforms to banks and credit unions and this acquisition will give the firm an entry into these institutions' trust departments as well, said Dan Arnold, divisional director of LPL Financial Institution Services.
"This is going to allow us to participate in a rapidly growing area in the trust services field," said Arnold in an interview.
The terms of the deal were not disclosed.
Matawan, New Jersey-based Concord currently has $10 billion in assets under administration, according to LPL. After the deal is completed, Concord's 22 employees will join LPL and the firm will continue to operate under the Concord name, said Arnold.
In July 2010, LPL acquired National Retirement Partners, a broker-dealer with 350 financial advisers that specializes in retirement plans.
In November, parent company LPL Investment Holdings Inc (LPLA.O) raised $470 million in an initial public offering. (Reporting by Helen Kearney; editing by Andre Grenon)
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