The president of the largest independent broker-dealer in the business is heading to an institutional fixed income asset manager.
Yesterday Boston- and San Diego-based LPL confirmed
that president Robert Moore
will be taking over Legal & General Investment Management America
as CEO. Meanwhile, LPL CEO Mark Casady
has named LPL CFO Dan Arnold
as Moore's replacement, effective March 13.
Lisa Shidler of RIABiz broke the news
Moore's departure. And this morning LGIMA confirmed
could not immediately reach a LGIMA spokesperson for comment on Moore's move.
Chicago-based LGIMA is the U.S. arm of London-based Legal & General Investment Management, which traces its roots back to 1836. LGIM launched LGIMA in 2006, with a focus on fixed income and liability-driven investing for institutional investors. As of October 31, 2014, the 75-plus LGIMA employees worked with more than $108 billion in assets under management.
Moore joined LPL in 2008 as CFO, and he rose to president and chief operating officer (though LPL later eliminated the COO title). An alumnus of the UT Austin and Northwestern, Moore previously rose to CFO of Diageo PLC, Europe and Great Britain. Later, before joining LPL, he held top roles at ABN AMRO North America and LaSalle Bank Corporation. He has served on LGIMA's board since 2008, the year he started at LPL.
At LPL, Casady is now searching for a new CFO to fill Arnold's old shoes, while Tom Lux
is filling the spot on an acting basis. Arnold led the B-D UVEST for 12 years before LPL bought it in 2007. Since he's served as divisional president of institution services, managing director and head of strategy, and most recently as CFO.
Casady also promoted Andy Kalbaugh
to divisional vice president for institution services and Bill Morrissey
to divisional vice president for independent advisor services. Both Kalbaugh and Morrissey report to Arnold.
"I believe deeply in LPL's mission and remain an advocate and friend of the organization. I know that I am leaving a great team in place to move this mission forward," Moore tells MFWire
in an emailed statement. "Joining LGIMA is an exceptional opportunity to lead another talented team and to shape the future of a thriving global asset management firm."
Casady, chairman and CEO of LPL, offered this emailed statement to MFWire
We are excited for Robert and congratulate him on his new role. We are always supportive of employees at any level of the company doing what is best for their careers and families. We thank Robert for his contributions to LPL and wish him all the best. At the same, we are excited for the future of our business under Dan's leadership as president. With extensive experience driving sustained revenue growth and a deep knowledge of our advisors' and institutions' business, I am confident that he will bring a fresh perspective to the support of our clients and a disciplined approach to the growth of LPL's business."
LPL supports more than 14,000 advisors.
Neil Anderson, Managing Editor
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