Boston-based LPL Financial LLC, an independent broker-dealer, today announced that Hellman & Friedman, one of the company’s original private equity sponsors, will distribute the remainder of its overall holdings, 12.6 million shares, to its partners.

The company’s other original private equity sponsor, TPG, will distribute a portion of its holdings, 4 million shares, which will reduce its stake in the company to 17 percent.

The total distribution of 16.6 million shares represents approximately 16 percent of total shares and is expected to happen today. Both firms have been investors in LPL Financial since 2005 and had a combined ownership of 61 percent of the company’s outstanding shares at the time of its IPO in 2010.

"The ongoing reduction of Hellman & Friedman and TPG’s respective ownership stakes has been a natural and expected part of LPL Financial’s maturation as a publicly traded corporation. Both firms have been exceptional partners since their original investments in our Company," LPL Financial Chairman and CEO Mark Casady said in a statement. "These latest distributions underscore how far LPL Financial has come since their initial investment. We are well positioned going forward due to the strength of our business model and industry leadership position."

The company also expects to continue its stock buyback program, under which $198 million remains authorized for share repurchase. To date, the company has repurchased more than 11.8 million shares since the IPO.