Focused on responsibly growing the wealth of high net worth families, endowments and charitable organizations, the San Antonio office flourished. Coupled with the growth of Redstone's other divisions, the benefits of the partnership diminished and the result was a friendly separation and spinoff of the entire San Antonio office which became Sendero Wealth Management on January 1, 2008.
The firm is owned by the employees with Fred Middleton and Scott McMillian as the principal shareholders. Sendero Wealth Management uses Sendero Securities, LLC as our broker/dealer affiliate that clears with J.P. Morgan Clearing Corp. This facilitates a uniform environment for best-in-class money managers selected by Sendero Wealth Management to trade on behalf of our clients.
Sendero Securities is our broker/dealer affiliate; yet we provide brokerage services to only a handful of clients who request them. Brokerage is not our primary focus, but a tool of convenience allowing clients to access markets. This gives Sendero the ability to closely track the trading activity of our client's managers. Accordingly, Sendero has no soft dollar arrangements, directed brokerage, or commission recapture programs that might incentivize us to put our interest ahead of our clients. This gives us the flexibility to integrate qualified investment managers into the portfolio mix, monitor every trade and provide highly sophisticated and easy-to-understand portfolio analysis.