LPL Financial Holdings Inc. plans to launch a $500 million share buyback plan, the brokerage’s biggest ever, after reporting a 23.4% jump in third-quarter profit.

Corporate executives and boards are getting to know—often begrudgingly—names like Scott Ferguson, Mick McGuire and Jesse Cohn. They and a handful of other 30- and 40-something hedge fund managers are already running billions of dollars and agitating for change at big public companies

Gym operator Life Time Fitness Inc. LTM 2.11%increase; up pointing triangle agreed to be acquired by private-equity firms TPG and Leonard Green & Partners L.P. for more than $2.8 billion, in one of the largest U.S. leveraged buyouts so far this year.