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.