National Public Radio – American Indians have become major players in the casino business. Now one tribe from South Dakota is moving into a different kind of [investment opportunity] — on Wall Street. The Lower Brule Sioux tribe, based in Lower Brule, S.D., just bought the Westrock Group, making the company the first fully Native American-owned investment firm. As a result, Westrock, which brought in $22 million in profits last year, is also gaining another advantage: As a tribal business, it won’t have to pay federal income tax.

Westrock Group, Inc is a minority-owned broker dealer and asset management firm that offers financial services to individual and institutional investors though the following subsidiaries: Westrock Institutional Group, Westrock Asset Management, Wealth Management.

Link to source

More information:

• Website: Westrock Group, Inc., including press release (“Westrock Asset Management and Creighton Capital Management Form Joint Venture – Subsidiary of 100% Native-American-Owned Financial Services Firm Joins Forces with Asset Management Firm,” Sept. 09, 2009).
• Glossynews: “Sioux Tribe to Attack Wall Street from Within” (Nov. 25, 2009). 
  
• Reuters: “Westrock Group Acquired by Lower Brule Sioux Tribe” (Sept. 09, 2009).
• Bloomberg: “Sioux Indian Tribe Buys Broker-Dealer Westrock Group” (Sept. 09, 2009).
  
• Live podcast (NPR): click on link, or listen below.

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