Westrock Group, Inc., a New York-based financial services holding company with independent broker/dealer, asset management, and wealth management subsidiaries, today announced that it has been acquired by the LBC Western Holdings, LLC, a company 100% owned by the Lower Brule Sioux Tribe, located in Lower Brule, South Dakota. 

Through Westrock’s Tribal Services Advisory group, Westrock will provide financial advisory services to the Lower Brule Sioux Tribe and other tribes throughout the country, the firm said. Westrock said it will continue to operate as an independent broker/dealer with its brokerage, asset management, and wealth management subsidiaries, and day-to-day operations unchanged. 

The Tribal Services Advisory group will be headed by Dennis Ickes, director of Tribal Services.  He will be joined by Gavin Clarkson, director of Tribal Finance at Westrock, a professor of law at the University of Houston Law Center and a member of the Choctaw Nation of Oklahoma, according to Westrock.

“The Lower Brule Sioux Tribe has made an investment in Westrock to diversify our sources of revenue and participate directly in the United States capital markets,” said Michael B. Jandreau, chairman of the Lower Brule Sioux Tribe. “We believe this investment will make a significant contribution to our Tribe and other tribes throughout the nation as Westrock expands its institutional capabilities and continues its wealth management activities.” 

Jandreau will remain chairman of LBC Western Holdings and Anthony Fenton will serve as chairman of Westrock Group.  Donald H. Hunter, Jr., will continue to serve as CEO and president of Westrock and its principal subsidiary, Westrock Advisors, and the current senior executive team will remain in place, the company said (see “Westrock Names Hunter CEO”). The Board of Directors of LBC Western Holdings, LLC, will consist of three representatives from the Lower Brule Sioux Tribe and two from Westrock group.

Last month, Westrock added a team of veteran institutional professionals to form two new units: Westrock Institutional Group, a separate subsidiary serving institutional clients and offering domestic and international equities and specialized, non-proprietary trading, and Westrock Asset Management, a separate entity that will provide asset management services.

Westrock Asset Management also today announced the formation of a joint venture with Creighton Capital Management (see “Westrock and Creighton Join Forces in Asset Management“).  The pair will jointly develop quantitative asset management portfolios for institutional and qualified investors.