South Carolina Federal Credit Union has switched its investment program to a new broker-dealer.
The North Charleston-based institution chose CUSO Financial Services to expand both the 18-year-old investment program and the technological offerings for its more than 150,000 members, CUSO announced on Thursday.
The program, which has $74 million in assets under management, is led by two program managers, along with three investment advisors, three sales assistants, three licensed branch employees and a CUSO regional program development manager, according to the broker-dealer. It will operate under a managed model in which CUSO will employ and manage the program managers and investment advisors.
CUSO's integrated technology systems and experience in working credit unions were deciding factors in credit union's selection of its new broker-dealer.
"When reviewing broker dealers, it was important for us to partner with a collaborative firm that would seamlessly enhance our in-house investment services," Bonnie Ciuffo, the credit union's investment program director, said in a statement.
South Carolina Federal Credit Union has more than $1.3 billion in assets and 14 branches and ATMs throughout Charleston, Columbia and Georgetown, South Carolina.
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