Global Financial Services, founded in 1994, has approximately $4 billion of client assets. The firm is led by Robert Benjamin, Gerardo Chapa and Ricardo Perusquia, who will collectively continue to own 49.9 per cent of the firm and serve on its board of managers.

Gerardo Chapa, Managing Director of Global Financial Services, noted, "This strategic alliance with Sanders Morris Harris Group is a major step forward for Global and our clients.

"We will continue to operate with the same staff of trusted advisors, providing the same high level of professional and personal service to our clients.  However, the scale and reach of financial services we offer will expand to include broader wealth management platforms, including several initiatives that are well underway,” said Chapa in a statement.

The transaction, subject to regulatory approval and other customary conditions, is expected to be completed in December.