Houston-based Sanders Morris Harris Group, a wealth/asset management company, has signed a definitive agreement to acquire a 50.1% interest in Global Financial Services.

Global Financial, a wealth management firm established in 1994, has approximately $4bn of client assets with most of its clients are international families and corporations.

Global Financial Services managing director Gerardo Chapa said this strategic alliance with Sanders Morris Harris Group is a major step forward for Global and its clients.

"We will continue to operate with the same staff of trusted advisors, providing the same high level of professional and personal service to our clients. However, the scale and reach of financial services we offer will expand to include broader wealth management platforms, including several initiatives that are well underway," Chapa said.

Sanders Morris Harris Group president Ric Edelman said this will bring Sanders’s client assets to more than $16bn.

"The transaction complements the growth of Edelman Financial Services and our other high net worth businesses, and our investment and operational capabilities will enable us to support the plans of Global Financial Services’ management," Edelman said.

The transaction, subject to regulatory approval and other customary conditions, is expected to be completed in December.