Item 7.01 Regulation FD Disclosure.
On April 30, 2021, LPL Financial Holdings Inc. (together with its subsidiaries,
including LPL Financial LLC, the “Company” or “LPL Financial”) issued a press
release announcing the Company had completed its acquisition of the wealth
management business (the “Wealth Management Business”) of Waddell & Reed
Financial, Inc. (“Waddell & Reed”) from Macquarie Management Holdings, Inc.
(“Seller”). A copy of the Company’s press release is attached as Exhibit 99.1 to
this Current Report on Form 8-K.
Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise
subject to the liabilities under that Section and shall not be deemed to be
incorporated by reference into any filing of the Company under the Securities
Act of 1933, as amended, or the Exchange Act.
Item 8.01 Other Events.
On April 30, 2021, LPL Financial acquired all of the equity interests in the
entities comprising the Wealth Management Business, including Waddell & Reed,
Inc., a broker-dealer and registered investment advisor, and certain of its
subsidiaries, as well as certain other assets and rights of Waddell & Reed and
its subsidiaries. In consideration for this acquisition, LPL Financial paid to
the Seller a cash purchase price of approximately $300 million (before a
customary net capital adjustment) and assumed certain liabilities related to the
Wealth Management Business.
In connection with the completion of the acquisition, LPL Financial also entered
into marketing support agreements with an affiliate of Seller to provide for
servicing and marketing support program participation.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits 99.1 Press Release dated April 30, 2021 ("LPL Financial Closes Acquisition of Waddell & Reed's Wealth Management Business") 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL.
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