Among Financial Giants

^ABauer College alumnus’ rise to prominence in a narrow niche of the financial industry is a story of perseverance, hard work, and dedication to excellence. 

Robert G. Rodriguez (BBA ’68), opened Southwestern Capital Markets, the first U.S. investment banking firm led by a Mexican-American, in 1983. Despite his establishment and success, his San Antonio-based firm specializing in underwriting municipal bonds for financing million-dollar projects such as roads, hospitals, airports and convention centers is still something outside the ordinary.

Rodriguez grew up in the Texas border town of Eagle Pass, the only child of a World War II widow. His personal and professional history call to mind that of the main character of the 2023 movie, “A Million Miles Away.” The movie highlighted the many obstacles and challenges faced by Jose Hernandez, the first Mexican-American astronaut to achieve his dream of joining a space shuttle crew.

Like Hernandez, Rodriguez’ family did not obtain much formal education, and he grew up with few resources.  By the time he arrived at the University of Houston to finish an undergraduate degree, Rodriguez had gained confidence serving in the U.S. Army. But his future was far from assured. He lived with a relative and worked as a convenience store clerk to help pay the bills.

After graduating from UH, Rodriguez worked for an international oil and gas brokerage company, served as executive director of the Houston Economic Development Corporation and worked with the Houston Housing Authority board and Houston Planning Commission. Rodriguez credits important connections he made in Houston for encouraging his unlikely career track. Rodriguez obtained his Certified Mortgage Banker (CMB) credentials at Northwestern University (a first for a Mexican-American) and joined a regional investment banking firm, but eventually decided to launch his own firm in San Antonio. In a field where potential competitors might be financial giants such as JP Morgan or Wells Fargo, and which required obtaining Securities Exchange Commission licensing, it was a giant leap of faith.

A huge boost to Southwestern Capital Markets’ establishment and initial credibility came when Rodriguez’ firm was confirmed to be the first investment banking firm in the U.S. led by a Mexican-American, which was noted in the Congressional Record of 1985.

The National Hispanic Chamber of Commerce had recently called attention to the problems hindering the growth of businesses owned by Mexican-Americans and other Hispanics, and the late Congressman Bill Richardson submitted information into the Record to emphasize the firm’s potential for expanding financing opportunities.

“Without it, (the Congressional Record inclusion), we wouldn’t be here,” Rodriguez said. “There had never been any Mexican-American owned and operated investment bank in the United States. It was not a very welcoming situation at the time, really a David and Goliath kind of environment.”

With its credibility assured, Southwestern went on to secure landmark high-profile, high-dollar underwriting and advisement work for large municipalities such as Chicago, Philadelphia, Miami and others.

Rodriguez continues to wonder why his involvement as a Mexican-American remains an anomaly. He retired from the firm in 2016, after 33 years. 

“Even today, this is a very small group of people in the industry,” he said. “I was very blessed to be successful. In Texas alone, it’s a $50 billion industry. Nationally, it’s a $400 to $500 billion industry. I can’t help but wonder why there aren’t more Mexican-American-owned investment firms all these years later.”

Rodriguez attended a screening of “A Million Miles Away,” and met with Hernandez recently. Now he is sharing his story in hopes of shining a light on a profession that continues to be dominated by a privileged few. 

His firm has made efforts to expose San Antonio high school students to financial career possibilities in the past, and Rodriguez, an avid Houston Cougars sports fan, has established The Robert Rodriguez Finance Scholarship Endowment at Bauer College in honor of his years in Houston.