Firm buys Miller-Green, client of its independent advisory-support business. Sanders Morris Harris (SMH) has acquired Miller-Green Financial, a 25-year-old Houston-based wealth-management firm with about $400 million in assets under management.

Terms of the deal weren't disclosed. The addition of Miller-Green brings SMH's assets under management to around $17.4 billion.

Next phase

"Miller-Green has had a successful, longstanding association with Sanders Morris Harris through SMH Partners, our independent division," says Stephen Cordill, president of SMH's investment- and wealth-management unit. "We've admired the way Miller-Green's business has grown over the years and it was a logical progression for us to incorporate [Bert Miller] and his team into the Sanders Morris Harris family as they enter their next phase of growth."

The tie-in with SMH confers a number of advantages on Miller-Green, according to Miller, the smaller firm's managing principal. "[SMH's] experience and philosophy as a wealth manager will enable us to maintain our independence while consolidating routine business matters," he says. "We [have] found a partner in Sanders Morris Harris that brings an abundance of intellectual capital and a sophisticated platform that will help us to continue to serve our clients and expand our business over the years to come."

Miller-Green is SMH's fifth wealth-management acquisition in a year, among them Solon, Ohio-based insurance product and retirement consultancy Dickenson & Associates and New York-based iPro One, an investment-platform provider to CPAs.

Houston-based SMH provides asset- and wealth management services as well as investment banking, institutional brokerage, trading, and research. -FWR

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