Sanders Morris Harris Group Inc. on Tuesday said it sold its ownership interests in both Salient Partners and Endowment Advisers back to those entities for $95 million.
Houston-based Sanders Morris had owned a 50% stake in Salient, one of its wealth management divisions, which has assets under management of $7.7 billion. Sanders Morris also held a 23% interest in Endowment Advisers, the advisor to the Endowment Master Fund that's one of Salient's main investment programs.
"The proceeds will help us to further diversify our earnings sources without the uncertainty inherent in an appraisal," Sanders Morris CEO Ben T. Morris said in a statement. "We will continue to make the Salient investment products available to our clients."
Following the sale, Sanders Morris will have $11 billion in client assets.