Southwest Corporate ClosesBroker-Dealer
DALLAS - (11/18/05)-- Southwest Corporate FCU announcedThursday it is shuttering its broker/dealer operation andtransferring accounts to U.S. Central CU subsidiary, CU InvestmentSolutions. "It has gotten to the point where the cost of operationsand regulatory compliance issues are making it necessary to findgreater efficiencies," said Bruce Fox, Chief Investment Officer forSouthwest Corporate Investment Services, in a statement. SouthwestCorporate has operated the broker-dealer, Southwest CorporateInvestment Services, since 1998. It has approximately 150 creditunion clients. Through CU Investment Solutions, credit unions havethe opportunity to buy and sell all permissible securitiesincluding: agencies, CMOs, and corporate bonds.