Wealth Management: takeover in Texas
Sanders Morris Harris Group Inc. (Nasdaq: SMHG) has announced that it has signed a definitive agreement to acquire a 50.1% interest in Global Financial Services L.L.C., a wealth management firm. Both companies are based in Houston. The consideration was not disclosed.
"Global Financial Services has approximately USD4,000 million of client assets. Global Financial Services was founded in 1994 and most of its clients are leading international families and corporations. The firm is led by Robert C.A. Benjamin, Gerardo A. Chapa and Ricardo Perusquia, who will collectively continue to own 49.9% of the firm and serve on its Board of Managers," Sanders Morris Harris said in a statement.
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"This will bring our client assets to more than USD16, 000 million," added Ric Edelman, President of Sanders Morris Harris Group. "It is a part of our previously announced program to expand our organization. The transaction complements the growth of Edelman Financial Services and our other high net worth businesses and our investment and operational capabilities will enable us to support the plans of Global Financial Services' management."
The transaction, subject to regulatory approval and other customary conditions, is expected to be completed in December.
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