LPL Investment Holdings, the Nasdaq-listed parent company of the broker-dealer LPL Financial, is set to acquire Concord Capital Partners and certain of its subsidiaries in an undisclosed financial transaction.

Based in Matawan, New Jersey, Concord is a wealth management firm with some $10 billion in assets under administration. Upon completion, all the firm’s employees are expected to join LPL Financial, and its Matawan office will be retained.

LPL Financial provides third-party investment services to banks and credit unions through its institution services division. Concord, meanwhile, provides technology and open architecture investment management services to trust groups of financial institutions.

The deal is intended to strengthen LPL Financial’s ability to support the brokerage and trust business lines of its financial institution partners, and is expected to create expansionary opportunities for the firm in that space, according to Dan Arnold, divisional president and managing director for LPL Financial Institution Services.

The transaction remains subject to customary closing conditions and is expected to close during the third quarter of 2011, LPL said in a statement.