HOUSTON, Jan. 4, 2011 /PRNewswire/ -- Sanders Morris
Harris Group Inc. (Nasdaq: SMHG) today announced that it has
completed its previously announced purchase of a 50.1% interest in
Global Financial Services L.L.C. (www.globalhou.com). Global
Financial manages approximately $4
billion of client assets and, like Sanders Morris Harris, is
headquartered in Houston, Texas.
The transaction increases Sanders Morris Harris's client assets to
approximately $16.1 billion.
Global Financial's principals will continue as Managing
Directors and members of the Board of Managers of the firm, which
will serve its clients as before, adding access to certain of the
investment programs and technology offered by Sanders Morris
Harris. Global Financial is a registered broker-dealer and member
of FINRA whose accounts clear through J.P. Morgan Clearing Corp. It
also has a registered investment advisory arm.
Global Financial will retain its own name and quarters and its
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.
About Sanders Morris Harris Group
Sanders Morris Harris Group is a wealth/asset management company
that manages approximately $16.1
billion in client assets. Client assets include the gross
value of assets under management directly or via outside managers
and assets held in brokerage accounts for clients by outside
clearing firms. Its corporate philosophy of investment in common
aligns its interests with those of its clients. Sanders
Morris Harris has more than 560
employees in 20 states. Additional information is available at
www.smhgroup.com.
SOURCE Sanders Morris Harris Group Inc.