The Associated Press November 29, 2010, 11:52AM ET

Sanders Morris Harris buys Global Financial stake

Asset manager Sanders Morris Harris Group Inc. on Monday said it is buying a majority stake in wealth management firm Global Financial Services LLC.

Terms were not disclosed for the deal, which is expected to be completed in December.

Sanders Morris Harris will own 50.1 percent of Global Financial. The remaining portion will continue to be controlled by Robert C.A. Benjamin, Gerardo A. Chapa and Ricardo Perusquia, who currently lead the firm. Both companies are based in Houston.

In midday trading, Sanders Morris Harris shares slipped 2 cents to $6.48. The stock has traded between $4.50 and $6.57 in the past 52 weeks.

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