(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 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
"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
Analysts on average expected LPL to report net income of 41
cents a share in the quarter, according to Thomson Reuters
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
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
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.
Shares of LPL closed Monday trade at $34.71, up 16 percent
from the company's initial public offering price of $30.
(Reporting by Joseph A. Giannone; Editing by Gary Hill)