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Thursday, Jan 26, 2023
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New Parent for M.L. Stern

M.L. Stern & Co., a Beverly Hills-based brokerage with offices in downtown San Diego and Rancho Bernardo, was acquired by SWS Group Inc., a Dallas-based financial services company, for an undisclosed price, according to an SWS announcement Feb. 5.

In addition to the brokerage business with some $4 billion in custody, the transaction included the purchase of Tower Asset Management, a subsidiary of M.L. Stern with about $450 million in assets.

The seller, Pacific Life Insurance Co., based in Newport Beach, acquired most of M.L. Stern in 1999, and the remaining 20 percent in 2003.

Traded on the New York Stock Exchange under the ticker SWS, shares of SWS Group were trading Feb. 5 at $14.49, and have ranged from $10.63 to $31.99 in the last 52 weeks.

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, Mike Allen

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