Dallas-based Southwest Securities has opened a new fixed income office in San Francisco, the firm said today. The office will serve mainly institutional customers in fixed income sales.
The San Francisco office is part of the firm’s larger effort to grow its mortgage security sales and trading presence. Southwest recently expanded its ABS and CMBS trading capabilities by adding RBC Capital Markets veteran Derek Rose to its Chicago office; the firm also recruited former JPMorgan trader Steve Palmer for mortgage trading in July.
Dan Leland, executive vice president of the firm’s taxable fixed income group, said that while Southwest does not have a high yield or distressed desk now, they are somewhat active in those areas and might have dedicated desks at some point in the future.
Southwest’s California offices were added last year with the firm’s acquisition of broker dealer M.L. Stern in April. The firm also has institutional fixed income offices in Beverly Hills, Encino and Irvine, Calif.
