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Hilltop Securities
Hilltop Securities formed in 2015 when Hilltop Holdings merged its three broker-dealer subsidiaries — Southwest Securities, First Southwest Company, and SWS...
Hilltop Securities
Hilltop Securities formed in 2015 when Hilltop Holdings merged its three broker-dealer subsidiaries — Southwest Securities, First Southwest Company, and SWS Group — into one unified entity under the Hilltop Securities brand. The consolidation created a financial services firm anchored in Dallas that retains the regional footprint and municipal finance DNA of its predecessor firms, which date back decades in Texas capital markets. The firm functions as a dually registered broker-dealer and investment adviser, with core business lines spanning retail wealth management, institutional fixed income, municipal finance, public finance, and clearing services. Hilltop Securities serves as a primary dealer in US Treasury securities and maintains a significant municipal bond underwriting and trading operation, a legacy of the First Southwest franchise. The wealth management division supports a network of financial advisors serving individual investors, while the structured finance and public finance groups advise municipalities, school districts, and other public entities, primarily across Texas and the southwestern United States. Hilltop Securities operates as a wholly owned subsidiary of publicly traded Hilltop Holdings Inc. (NYSE: HTH). Its sister company, PlainsCapital Bank, forms the other major operating entity within the Hilltop Holdings structure, creating a financial services ecosystem that combines banking, mortgage origination, and capital markets under one publicly reported parent. The firm reports its financials through Hilltop Holdings' SEC filings, which segment broker-dealer revenue alongside banking and mortgage operations. Hilltop Securities occupies a rare position as a publicly traded holding company that retains a regional, relationship-driven broker-dealer culture. Unlike consolidator roll-ups of registered investment advisors, Hilltop Securities grew from organic mergers of legacy Texas firms rather than private equity aggregation. This structure means the firm faces public market disclosure obligations while competing against both national wirehouses and independent RIA platforms for advisor talent and client assets.
General information
Firm type
Bank / Wealth / Trust
Year founded
2015
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Dallas
Corporate office
Dallas, TX, United States
Sector focus
Frequently asked questions
How does Hilltop Securities relate to Hilltop Holdings and PlainsCapital Bank?
Hilltop Securities is a wholly owned subsidiary of Hilltop Holdings Inc., a publicly traded financial holding company listed on the New York Stock Exchange under ticker HTH. PlainsCapital Bank operates as a separate subsidiary within the same corporate structure. The three years following the 2015 broker-dealer consolidation saw Hilltop Holdings strategically separate its banking and securities operations while maintaining shared corporate infrastructure and cross-referral relationships.
What is Hilltop Securities' role in the municipal bond market?
The firm underwrites, trades, and distributes municipal bonds through a public finance division inherited primarily from First Southwest Company, which was a longstanding Texas-based municipal advisor and underwriter. Hilltop Securities consistently ranks among the top municipal underwriters by number of issues, particularly for smaller to mid-sized issuers in Texas and surrounding states. Its public finance group provides advisory and underwriting services to municipalities, school districts, water districts, and other public entities.
Does Hilltop Securities operate as a clearing broker for other firms?
Yes. Hilltop Securities maintains a correspondent clearing business that provides trade execution, clearing, custody, and back-office support to smaller broker-dealers and registered investment advisors. The clearing division processes securities transactions, maintains customer accounts, and handles regulatory reporting for its introducing firm clients.
Is Hilltop Securities a primary dealer in US government securities?
Hilltop Securities holds designation as a primary dealer by the Federal Reserve Bank of New York, meaning it is authorized to trade US government securities directly with the Federal Reserve in open market operations. This status obligates the firm to participate in Treasury auctions and provide market intelligence to the New York Fed.
What regulatory bodies oversee Hilltop Securities?
As a dually registered broker-dealer and registered investment advisor, Hilltop Securities falls under the regulatory authority of the Financial Industry Regulatory Authority (FINRA) and the US Securities and Exchange Commission (SEC). Its bank affiliate PlainsCapital Bank is supervised by the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, while the parent company Hilltop Holdings reports under SEC public company requirements.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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