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Sanders Morris Harris completes investment in Global Financial Services

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Sanders Morris Harris Group has completed its previously announced purchase of a 50.1% interest in Global Financial Services LLC.

Global Financial manages approximately USD4 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 USD16.1 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 JP 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 USD16.4 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.

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