Sanders Morris Harris Group today announced that it has signed a definitive agreement to acquire a 50.1% interest in Global Financial Services, a wealth management firm with $4 billion in assets under management.
Both companies are based in Houston. The details of the deal were not made public.
Global Financial Services is led by Robert C.A. Benjamin, Gerardo A. Chapa and Ricardo Perusquia, who will continue to own 49.9% of the firm and serve on its board of managers.
"We are delighted to have Global Financial Services join us," says George L. Ball, chairman and CEO of Sanders Morris Harris Group. "Global has a distinguished history and client base. We know its principals well, and we look forward to working together with them to significantly grow their business, broaden their investment scope, and achieve cost efficiencies."
Gerardo A. Chapa, managing director of Global Financial Services, says, "This strategic alliance with Sanders Morris Harris Group is a major step forward for Global and our clients. We will continue to operate with the same staff of trusted advisors, providing the same high level of professional and personal service to our clients. However, the scale and reach of financial services we offer will expand to include broader wealth management platforms, including several initiatives that are well underway. Additionally, by consolidating certain administrative functions under Sanders Morris Harris, we will have more time to devote to serving our clients."
"This will bring our client assets to more than $16 billion," adds Ric Edelman, president of Sanders Morris Harris Group.
The transaction, subject to regulatory approval and other customary conditions, is expected to be completed in December.
Phil Albinus is the former editor-in-chief of Advanced Trading. He has nearly two decades of journalism experience and has been covering financial technology and regulation for nine years. Before joining Advanced Trading, he served as editor of Waters, a monthly trade journal ... View Full Bio