Sanders Morris Harris Group has signed a definitive agreement to acquire a 50.1 per cent interest in Global Financial Services, a wealth management firm.
Both companies are based in Houston. The consideration was not disclosed.
Global Financial Services has approximately USD4bn of client assets. It was founded in 1994 and most of its clients are 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 per cent 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 chief executive officer 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."
Chapa adds: "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."
The transaction, subject to regulatory approval and other customary conditions, is expected to be completed in December.
