REFILE-UPDATE 1-Brokerage LPL says profit doubles, sets offering
(Refiles to add dropped word "rose," paragraph 6)
* LPL announces secondary stock offering
* Profit nearly doubled from last year
* Net revenue rose 18 percent
NEW YORK, April 25 (Reuters) - LPL Investment Holdings (LPLA.O), the largest U.S. independent broker-dealer network, on Monday said its first-quarter profit nearly doubled and announced that some stockholders would sell 6.2 million shares in a secondary offering.
Boston-based LPL, which went public in November, said first-quarter net income rose to $49 million, or 43 cents a share -- up 92 percent from $25.6 million, or 25 cents, a year earlier.
"Improving investor sentiment and market conditions provided a strong backdrop for our advisers to grow their businesses," LPL Chief Executive Mark Casady said in a statement.
Analysts on average expected LPL to report net income of 41 cents a share in the quarter, according to Thomson Reuters I/B/E/S estimates.
Net revenue rose 18 percent to $873.9 million from last year, driven by robust markets. Advisers also took in net new advisory assets of $3.7 billion during the three months ended March 31.
Total advisory and brokerage assets rose 16 percent to a record $330.1 billion from last year, while assets under custody in LPL's advisory platform rose by 23 percent to $99.7 billion.
LPL also said certain minority shareholders will sell as many as 6.21 million shares in a secondary offering, or a roughly 5.5 percent stake of the company.
Neither the company's two largest investors, TPG Capital and Hellman & Friedman LLC, nor LPL itself are selling shares.