Sanders Morris Harris Group has completed its purchase of a 50.1 per cent stake in Global Financial Services. Global Financial manages approximately $4 billion in 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.

Sanders Morris announced the deal in November, as previously reported by Family Wealth Report. Global Financial's principals will continue as managing directors and members of the board of managers of the firm.

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 has consummated the previously announced spinoff of its Concept Capital division. It retains a 43.5 per cent profit interest in the new entity.