Exhibit 21.1

SUBSIDIARIES

SWS Group, Inc.

SWS Securities, Inc.

SWS Financial Services, Inc.

Mydiscountbroker.com, Inc.

Southwest Clearing Corp.

May Financial Corporation

SWS Capital Corporation

Southwest Investment Advisors, Inc.

SWS Technologies Corporation

First Savings Bank, FSB

FSBF, LLC (75%)

FSB Financial, LTD (73.5%)

FSB Development, LLC

Westwood Holdings Group, Inc. (80.18%)—spin-off effective June 28, 2002

Westwood Management Corporation

Westwood Trust