The 25-adviser brokerage unit at what had been BancorpSouth Bank, which oversees about $2.5 billion in assets, is switching its affiliation to LPL Financial from Infinex, a broker-dealer owned by a consortium of banks.
In October 2021, BancorpSouth merged with Cadence Bank and its banking operation took the Cadence name. The brokerage operation of the pre-merger Cadence Bank had been affiliated with LPL.
The onboarding of the legacy BancorpSouth investment business is scheduled to take place before the end of the year, LPL said in a release.
In August, LPL announced that the retail brokerage and advisory business of People’s United Bank, which was acquired by M&T Bank earlier in the year, had joined LPL's bank platform with $2.6 billion in assets.
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“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
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