Lone Pine Capital, a hedge fund with $35.5 billion in assets under management (AUM), has acquired almost 2.3 million shares of LPL Financial Holdings Inc.
Lone Pine disclosed its ownership stake in LPL Financial Holdings in a quarterly filing with the Securities and Exchange Commission (SEC).

According to the filing, Lone Pine paid $422.3 million for 2,298,151 shares of LPL Financial Holdings. Lone Pine's position in the company equals $521.9 million, with shares of LPL's brokerage and RIA firm trading near $228. So far, Lone Pine has made almost $100 million on the trade.

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