Attached files
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| 8-K - EDELMAN FINANCIAL GROUP INC. | v204072_8k.htm |
| EX-2.1 - EDELMAN FINANCIAL GROUP INC. | v204072_ex2-1.htm |
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Contact:
Rick Berry
Chief
Financial Officer
600
Travis Street, Suite 5800
Houston,
Texas 77002
713.993.4614
|
Sanders
Morris Harris Group to Acquire a 50.1% Interest in
Global
Financial Services, $4 Billion Wealth Management Firm
HOUSTON, November 29, 2010 –
Sanders Morris Harris Group Inc. (NASDAQ: SMHG) today 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 (www.globalhou.com)
has approximately $4 billion 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.
“We are
delighted to have Global Financial Services join us,” said 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.”
Gerardo
A. Chapa, Managing Director of Global Financial Services, noted, “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,” 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.
About
Sanders Morris Harris Group
Sanders
Morris Harris Group is a wealth/asset management company that manages
approximately $12.1 billion in client assets. Client assets include the gross
value of assets under management directly or via outside managers and assets
held in brokerage accounts for clients by outside clearing firms. Its corporate
philosophy of investment in common aligns its interests with those of its
clients. Sanders Morris Harris has more than 540 employees in 20 states.
Additional information is available at www.smhgroup.com.
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