Wednesday, 31 August 2016
Last updated 40 min ago
Jan 4 2011 | 10:57am ET
Houston-based wealth/asset management firm Sanders Morris Harris Group has completed its purchase of a 50.1% stake in Global Financial Services. The transaction increases Sanders Morris Harris' client assets to approximately $16.1 billion.
Global Financial, also based in Houston, manages about $4 billion. Its principals will continue as managing directors and members of the board of managers of the firm and it will retain its own name and quarters. Global Financial’s founders will maintain ownership of the balance of the business. Its clients are largely international executives, their families and corporations. Its 2010 revenues were approximately $16.4 million.
Sanders Morris Harris also announced that it had consummated the previously announced spinoff of its Concept Capital division. It retains a 43.5% profits interest in the new entity.
Sanders Morris Harris has more than 560 employees in 20 states.