Southwest Securities, Inc. Expands Client Services Through Alliance With Comerica
DALLAS, Oct. 25, 2011 /PRNewswire/ -- Southwest Securities, Inc., (Southwest) the principal broker-dealer subsidiary of SWS Group, Inc. (NYSE: SWS), announced today that it is expanding its product platform by offering customers trust administration services through an alliance with Comerica Bank and Trust, N.A. (Comerica). Under the terms of the agreement, Comerica will act as the professional trustee for Southwest's clients who maintain or want to establish a trust, with custody of the assets remaining with Southwest. Southwest Securities is one of only 10 broker-dealers partnered with Comerica in this capacity.
"We're proud to be partnering with a firm as well-known and highly respected as Comerica," said James H. Ross, President and Chief Executive Officer of SWS Group. "This alliance allows us to offer a broader range of services and gives our representatives more opportunities to reach out to new clients and to build more meaningful relationships with current clients. It's a good fit between two Dallas-based firms that have national reputations and client offerings."
The alliance provides Comerica the opportunity to expand its presence as a professional trustee, enhancing its ability to provide trust services in all 50 states.
Southwest Securities' Investment Management Group (IMG), which this year reached the $1 billion mark in managed assets, will administer the new platform for Southwest.
"Our alliance with Comerica offers tremendous growth opportunities for IMG in both the near- and long-term," Mr. Ross said. "In addition, it opens new recruiting channels by adding a new dimension to our platform that makes us even more competitive with the major Wall Street firms."
Southwest Securities, Inc., a member of NYSE, FINRA and SIPC, provides securities brokerage, investment banking and securities clearing services to a broad range of individual, corporate, public and industry clients. The firm is a wholly owned subsidiary of SWS Group, Inc. (NYSE: SWS), a financial services holding company whose stock is listed and traded on the New York Stock Exchange under the symbol, SWS.
SOURCE Southwest Securities, Inc.
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