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6 years ago
LPL hires Stifel's Akellian to run clearing
June 2, 2011 / 6:36 PM / 6 years ago

LPL hires Stifel's Akellian to run clearing

2 Min Read

* LPL hires Akellian, a 30-year clearing services veteran

* Akellian to run, expand custom clearing business for LPL

* Akellian previously worked at Stifel, Merrill, Pershing

NEW YORK, June 2 (Reuters) - Independent broker-dealer LPL Financial said it hired David Akellian from Stifel Financial Corp (SF.N) to run a business that provides clearing and custody to seven insurers and some 4,000 financial advisers.

Akellian had been chief executive of Century Securities Associates, a Stifel-owned independent brokerage unit providing brokerage services and investments to independent brokers and registered investment advisers.

In his 30-year career, Akellian has also served as head of global clearing and execution services for Merrill Lynch and as head of investment manager services for the Pershing division of Donaldson, Lufkin & Jenrette.

LPL, part of LPL Investment Holdings Inc (LPLA.O), said it intends to expand its clearing services business. It announced Akellian's hiring on Thursday.

LPL Investment Holdings, which went public last December, is already the largest independent broker-dealer with more than 12,000 advisers as well as about 4,000 employed by banks and other financial companies. (Reporting by Joseph A. Giannone; editing by John Wallace)

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