Houston-based Sanders Morris Harris financial services group has bought 50 per cent of Leonetti & Associates, an independent wealth management firm based in Chicago suburb Buffalo Grove. The financial terms of the transaction were not disclosed.

This is the fourth acquisition for Sanders Morris Harris's asset and wealth management division in the past twelve months.

Stephen Cordill, president of that division, said: "Our investment in Leonetti further demonstrates our commitment to search out high-quality, client-focused firms that can benefit from our broad asset and wealth management platform. The relationship enhances our position in the important Chicagoland wealth market."

Founded in 1982 and managing approximately $400 million in assets, Leonetti & Associates provides fee-based investment advice for individuals and small businesses. Among areas of specialisation, it is recognised as a financial advisor to doctors.