Texas-based wealth company says the investment deepens its service offering. Sanders Morris Harris has taken a majority stake in Solon, Ohio-based insurance product and retirement consultancy Dickenson & Associates in a move calculated to expand its wealth-management offerings.

Details of the transaction weren't disclosed.

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"This acquisition further demonstrates our commitment to search out high-quality, niche firms that can benefit from our specialized platform," says Stephen Cordill, head of Sanders Morris' Asset & Wealth Management division. "In addition, it greatly benefits clients of both firms, marrying SMH's strong asset- and wealth-management capabilities with Dickenson's strong insurance footprint."

Dickenson provides corporate and individual clients with life, disability, long-term care and voluntary insurance programs for individuals and families and it offers supplemental retirement programs for "highly compensated" professionals.

Sanders Morris and Dickenson have similar outlooks on client service, according to Dickenson's president David Dickenson III. "SMH understands that if you take great care of clients, success will follow," he says. "We operate our business in the same way and know that SMH clients and contacts will benefit from our very specialized insurance capabilities."

Sanders Morris' investment in Dickenson follows its purchase of 25% stake in iPro One, an investment-platform provider to CPAs. That deal gives Sanders Morris the option to buy another 25% in iPro.

Houston-based Sanders Morris manages about $16 billion in client assets. -FWR

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