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LPL Financial to buy Maryland-based Fortigent

LPL Financial, a wholly owned subsidiary of LPL Investment Holdings, has agreed to acquire wealth management firm Fortigent to expand its presence in high-net-worth, alternative investment market.

Fortigent, founded in 1994, provides wealth management solutions and consulting services to independent advisors, banks and trust companies.

Following the completion of the transaction, Fortigent will retain its brand, its existing management team and its Rockville, Maryland, headquarters.

Fortigent CEO Andrew Putterman will continue to lead the company, reporting directly to Robert Moore, CFO of LPL Financial.

Moore said that this acquisition will combine LPL Financial’s scale and experience in helping advisors manage the complexity and growth of their practices with Fortigent’s robust platform of research, reporting and alternative investment solutions for RIAs and ultra high-net-worth advisors.

The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2012.

Financial terms of the transaction were not disclosed.