Independent broker/dealer LPL Financial said that its parent company, LPL Investment Holdings Inc., is responsible for the acquisition.
LPL said Fortigent will remain focused on supporting financial professionals serving high-net-worth clients. It will retain its brand, management team and Rockville, Maryland headquarters. Andrew Putterman will continue to lead Fortigent, reporting to Robert Moore, chief financial officer of LPL Financial.
The transaction is expected to close in the first quarter of 2012, subject to customary closing conditions. Financial terms of the transaction were not disclosed.