(PRWEB) March 05, 2014
Bedford and Main Financial Consulting was chosen by Banorte – Ixe Securities in 2013 to spearhead the search for a new correspondent clearing firm with the expertise to handle Latin American clients, while maintaining a strict adherence to US regulatory restrictions. The subsequent conversion of accounts with approximately $2.5Billion in AUM was coordinated in a smooth and successful conversion during the latter part of 2013 and early 2014.
Operating as the US Broker/Dealer subsidiary of Grupo Financiero Banorte, the third largest retail bank in Mexico, Banorte – Ixe Securities services the US securities market needs for the bank’s affluent clients. The Manhattan based trading desk insures their clients receive high touch customer services. Banorte was seeking to establish a new partnership with a direct clearing firm committed to supporting and growing their business.
Banorte – Ixe CEO Carlos Mena, noted that “Our top priority was to find a clearing firm that both understands the AML regulations as they relate to our Latin American clients and will provide quality, client-oriented services . FirstSouthwest satisfied this priority, and we are confident this will prove to be a solid long term partnership.”
John Muschalek, Vice Chairman of FirstSouthwest, a wholly owned subsidiary of the PlainsCapital Corporation, commented that "FirstSouthwest is very happy to welcome Banorte aboard. We have worked closely with them to assure a smooth transition and look forward to helping them expand their business. The Banorte staff has been great to work with throughout this process."
John Foster, President and CEO of Bedford and Main, viewed the partnership as a great fit for both parties as FirstSouthwest was looking to expand its clearing and execution services footprint with Introducing Brokers , while Banorte required a clearing firm that understood how to provide robust services while fulfilling the strict regulatory requirements. “Banorte has a base of high quality foreign clients looking to participate in the US markets. They are committed to meeting the US regulatory requirements and needed a partner who could meet the challenge of providing superior customer services to high net worth non-US clients within a compliant infrastructure.”
About Banorte–IXE Securities
Grupo Financiero Banorte (GFNorte) is one of the leading Institutions in Mexico. After merging Ixe Financial Group, it became the third largest financial group in the country and the largest Mexican-controlled, with a network of over 1,300 branches, over 6,700 ATMs and 110,000 POS terminals. GFNorte offers products and brokerage services, wealth advisory, investment companies, leasing and factoring, warehousing, insurance, pensions and retirement savings. It is one of the banks with the best asset quality indicators of the Mexican financial system and has high levels of capitalization and liquidity.
FirstSouthwest is a Dallas-based diversified investment bank, specializing in public finance, with 25 offices in 13 states and the District of Columbia and more than 400 employees. Renowned as one of the most respected public finance firms in the country, FirstSouthwest has served as financial advisor on more bond and note transactions in the past ten years than any other firm, ranking No. 1 nationally for nine of the past 10 years according to MuniAnalytics. The firm also offers professional experience in asset management, capital markets, corporate finance, and correspondent clearing. Since its inception in 1946, FirstSouthwest has maintained prominence in the investment banking industry by adhering to its core values of integrity, dedication to hard work and steadfastly putting clients first. Find more information at FirstSW.com.
About Bedford and Main Financial Consulting, Inc.
Based in suburban Philadelphia, Bedford and Main Financial Consulting Inc. was founded in 2012 by thirty year industry professional, John T. Foster. Bedford and Main concentrates solely within the Financial Service’s industry, servicing Introducing Brokers, Clearing Brokers, Banks and all other financial related institutions. The firm specializes in conversions, systems integrations, compliance administration, strategic project initiatives, and other challenges requiring management experience and know how. Learn more about Bedford and Main Financial Consulting at http://www.Bedfordandmain.com.