LPL Financial opens GCC in Hyderabad

HYDERABAD: US-based wealth management player LPL Financial, which has over $2.4 trillion in assets under management (AUM), opened its global capability centre (GCC) in Hyderabad, with former StateStreet India country head Ramesh Kaza at the helm.Though LPL did not divulge the number of techies it plans to hire, it said that over the next 3 to 5 years it plans to create hundreds of roles in Hyderabad to support technology, operations, product development, data and analytics, and risk management.According to sources, the American giant has acquired over 2.75 lakh sq ft space in Financial District and plans to hire around 2,500 techies.The company is already hiring engineers and technologists across network security, core infrastructure, AI engineering, data platforms, middleware, and software development.LPL’s chief technology and information officer Greg Gates said the Hyderabad centre will help the company develop next-generation financial services technology and attract and develop talent in the region.The Hyderabad GCC will set up integrated teams that work closely with their US counterparts to accelerate delivery of new capabilities for advisers and clients, LPL said.Kaza said the new facility will focus on developing faster and more sophisticated solutions by strengthening collaboration between teams in India and the US.LPL said its Hyderabad GCC will expand its technology and operations capacity as it scales its adviser-led platform in the US. LPL supports more than 32,000 financial advisers and the wealth management practices of about 1,200 financial institutions, and manages assets on behalf of around 8 million people.The Fortune 500 firm said it chose Hyderabad for its depth of financial services and technology talent, infrastructure, and business continuity advantages.