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Sanders Morris Harris completes sale of capital markets unit

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Sanders Morris Harris Group has completed the sale of its primary capital markets unit to Madison Williams Capital.

The disposition reflects Sanders Morris Harris Group’s focus in the wealth management business.

The company retains a 17.5 per cent interest in Madison Williams which can be purchased by Madison Williams for USD4m before the end of 2010.

With the regulatory approval and sale of the Capital Markets business completed, the company has also finalised its agreement with Fletcher International. As previously announced, Fletcher will purchase USD7.5m of Sanders Morris Harris stock at USD7.00 a share, with the closing expected within ten business days.

Fletcher will also receive a warrant to purchase an equal dollar value of shares of Sanders Morris Harris Group at USD5.75 a share, subject to certain adjustments.

"We are delighted with both of these transactions," says George L. Ball (pictured), chairman and chief executive officer. "It is a major step in our becoming a pure wealth management firm, and gives us ample capital to expand both mass-affluent oriented Edelman Financial Services and our high net worth businesses. We are well positioned, we think, to continue to grow our wealth management franchise, and to enhance our margins as we grow."

Edelman Financial recently opened six offices in the metropolitan New York area. It plans to open five additional branches there and in greater Washington, D.C., its home, early next year.

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