Westrock Group Acquired by Lower Brule Sioux Tribe

* Reuters is not responsible for the content in this press release.

Wed Sep 9, 2009 6:00am EDT

Creates First 100% Native-American Tribally Owned Financial Services Firm;

Sees Major Opportunities with Institutional Investors and in Tribal Finance
NEW YORK & LOWER BRULE, S.D.--(Business Wire)--
Westrock Group, Inc., a New York-based financial services holding company with
independent broker-dealer, asset management and wealth management subsidiaries,
today announced that the firm 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. With this transaction, Westrock Group becomes the first
Native American owned full service financial services business. 

"This is a landmark event for our Tribe and for all American Indians," said
Michael B. Jandreau, Chairman of the Lower Brule Sioux Tribe. "Over the past
three years, we have gotten to know Don and his team at Westrock and admire what
they have accomplished. 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. 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. We look forward to a long and productive relationship." 

Through Westrock`s Tribal Services Advisory group, Westrock will begin to
provide financial advisory services to the Lower Brule Sioux Tribe and other
tribes throughout the country. The Tribal Services Advisory group will be headed
by Dennis Ickes, Director of Tribal Services. He will be joined by Dr. 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.
Dr. Clarkson is one of the country`s leading authorities on tribal financial
matters. 

"We`re thrilled and honored to be part of this historic transaction," said
Donald H. Hunter, Jr., Chief Executive Officer and President of Westrock.
"Westrock is a nimble firm and we will take advantage of the new opportunities
available in the evolving financial services sector. Becoming a 100%
Native-American-owned firm will allow us to expand initiatives we`ve begun this
year, particularly through the joint venture announced today with Westrock Asset
Management and Creighton Capital Management. We will extend our reach to
institutions and improve our service offerings to all clients. Most important,
we believe that Westrock will make a powerful contribution to the lives of the
Lower Brule Sioux Tribe." 

With the transaction, Mr. Jandreau will remain Chairman of LBC Western Holdings,
LLC, the holding company for Westrock. Anthony Fenton will serve as Chairman of
Westrock Group. Mr. Hunter will continue to serve as Chief Executive Officer and
President of Westrock Group and its principal subsidiary, Westrock Advisors, and
the current senior executive team will remain in place. The Board of Directors
of LBC Western Holdings, LLC will consist of three representatives from the
Lower Brule Sioux Tribe, Mr. Jandreau, John McCauley, Tribal Secretary and
Council Member; Darrell Middletent, Council Member; and two representatives from
Westrock Group, which are Mr. Fenton and Mr. Hunter. 

Westrock will continue to operate as an independent broker-dealer with its
brokerage, asset management and wealth management subsidiaries, and day-to-day
operations unchanged. 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. In
2008, Westrock integrated its purchase of Monarch Capital, a fixed-income
platform with a complete selection of maturities and ratings, which complements
the firm`s equity offering. 

In a separate announcement today, Westrock Asset Management announced the
formation of a joint venture with Creighton Capital Management. Founded in 2004,
Creighton Capital Management is a quantitative asset management firm founded by
Jim Creighton, a former Global CIO at each of Barclays Global Investors,
Northern Trust and Deutsche Asset Management. 

Westrock Asset Management and Creighton have jointly developed a quantitative
asset management business designed to be best-in-class. Westrock will be one of
the few minority-owned firms to offer quantitative products. The joint venture
will offer the following portfolios: US Quantitative Equity Long, Global
Quantitative Equity Long (ex-US), Global Quantitative Equity Market-Neutral. The
joint venture will also offer yield-enhanced portfolios to high net worth and
other qualified investors which will include investment grade and high-yield
term bond funds. Jim Creighton will be the Portfolio Manager of the joint
venture. 

About the Lower Brule Sioux Tribe

The Lower Brule Sioux Tribe, the Kul Wicasa Oyate, are descendents of a large
group of related families within the Lakota Nation who were the original
inhabitants of the plains and prairies between the Rocky Mountains and the Great
Lakes within the basin of the Missouri River. 

Today, the Tribe resides on the Lower Brule Sioux Reservation in South Dakota.
The tribe currently owns and operates several profitable businesses:

* Lakota Foods - a food manufacturer that includes one of the largest producers
of popcorn www.lakotafoods.com
* Lower Brule Employment Enterprise - a construction company active on and off
the Reservation 
* Lower Brule Farm Corporation - involved in farming and ranching on 45,000
acres http://www.lbst.org/newsite/home.htm

About Westrock Group, Inc.

Headquartered in New York, Westrock Group, Inc., is a financial services holding
company offering a range of institutional and wealth management services. The
Group is comprised of three subsidiaries: Westrock Advisors, Westrock
Institutional Group and Westrock Asset Management. 

Founded in 1995, Westrock Advisors is the firm`s flagship full-service
independent broker-dealer. Dedicated to the needs of institutional and qualified
investors, Westrock Institutional Group and Westrock Asset Management were
established in August 2009. As of June 30, 2009, the firm had approximately $1.4
billion in assets under management and 150 employees.
http://www.westrockgroupinc.com





Makovsky + Company
John McInerney, 212-508-9628
jmcinerney@makovsky.com
or
Liz Pierce, 212-508-9698
lpierce@makovsky.com

Copyright Business Wire 2009

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.