Two former high-level no-load fundsters sit on LPL
's board of directors even as the independent broker-dealer prepares to go public. Dan Wiener
, editor of the Independent Adviser for Vanguard Investors
, reports that both Vanguard
chairman emeritus Jack Brennan
and T. Rowe Price
vice chairman emeritus Jim Riepe
hold seats on LPL's board, along with significant shares (and/or options on shares) of LPL stock.
that Boston and San Diego-based LPL, which just filed its IPO pricing last week, will officially IPO on November 17.
According to Wiener, Brennan joined LPL's board in February and holds 22,136 LPL shares or options, which will be worth between $597,672 and $664,080 (at estimated IPO pricing of $27 to $30 per share). Riepe, meanwhile, joined LPL's board in 2008 and holds 90,567 LPL shares or options, which would be worth between $2.4 million and $2.7 million.
Neil Anderson, Managing Editor
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