* 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 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)