Sanders Morris Harris has announced it will change its name to The Edelman Financial Group, to reflect its position as a wealth management firm.

The firm, which has some $17 billion in assets under management, emphasized that the name change also aligns the brand more closely with the Edelman Financial Services business, 76 per cent of which SMHG acquired in 2005.

As part of the changes, Ric Edelman will become co-chief executive of the organization and continue to lead Edelman Financial Services as its chairman and CEO.

Going forward, the firm is positioning itself firmly in the wealth management sector, having divested non-core businesses, and is looking to expand in this area.

“Unifying under a single established brand is the next logical step in our strategic development, allowing us to explore further growth opportunities,” said Edelman.