Attached files
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| 8-K - EDELMAN FINANCIAL GROUP INC. | v207154_8k.htm |
| EX-10.07 - EDELMAN FINANCIAL GROUP INC. | v207154_ex10-07.htm |
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Contact:
Rick Berry
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Chief
Financial Officer
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600
Travis Street, Suite 5800
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Houston,
Texas 77002
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713.993.4614
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Sanders
Morris Harris Group Completes Investment in
Global
Financial Services, $4 Billion Wealth Management Firm
HOUSTON, January 4, 2010 –
Sanders Morris Harris Group Inc. (NASDAQ: SMHG) today announced that it has
completed its previously announced purchase of a 50.1% interest in Global
Financial Services L.L.C. (www.globalhou.com).
Global Financial manages approximately $4 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 $16.1
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 J.P. 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 $16.4 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.
About
Sanders Morris Harris Group
Sanders
Morris Harris Group is a wealth/asset management company that manages
approximately $16.1 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 560 employees in 20 states.
Additional information is available at www.smhgroup.com.
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