Sanders Morris Harris Group, a US wealth manager, has swung back into profit in the first quarter of this year, at $1.9 million after taxes, contrasting with a loss of $10.5 million.

The firm recorded an after-tax loss from discontinued operations of $112,000 in the quarter.

Client assets increased by 5 per cent to $11.8 billion at the end of March compared with the end of December last year.

The firm incurred costs of $0.02 per share due to the expansion of the Edelman Financial business, with new offices in New York City and northern New Jersey. Edelman is opening two offices in Chicago in June, and planning to add more advisors in Washington DC, Baltimore and NYC in August.

As previously announced, Sanders Morris Harris Group plans to spin-off its Concept Capital division into a new, separate broker-dealer. Filings to affect that transfer were made in April and are awaiting review by FINRA.