Leading diversified financial services holding company, Sanders Morris Harris Group, has purchased a 51 per cent interest in the Edelman Fin...

Leading diversified financial services holding company, Sanders Morris Harris Group, has purchased a 51 per cent interest in the Edelman Financial Center, one of the largest independent financial planning and investment management firms in the US. It will acquire the remaining 49 per cent over the next four years. Edelman Financial Center is based in Fairfax, Virginia, and manages over $2.6 billion in assets for individuals and families. The enhanced group will manage a total of $10 billion. Edelman's 2004 revenues were $17.7 million and its adjusted pretax profit was $3.2 million. In 2004, Registered Rep Magazine listed Edelman Financial Center founder and chairman Ric Edelman as one of "America's Top 50 Advisors," Research Magazine ranked him the number one advisor in the US for his focus on the individual client, and Bloomberg Wealth Manager ranked Edelman Financial Center the largest independent financial planning and investment management firm in the US, based on number of clients. Mr Edelman has written five best-selling books on personal finance that collectively have sold more than 1 million copies and been translated into six languages. Sanders Morris Harris Group reported revenues of $26.3 million in the first quarter, down 12 per cent from last year.