US brokerage firm Wunderlich Securities has purchased three wealth management branches from Sanders Morris Harris (SMH), which is exiting the retail branch office business.
Financial details of the deal have not been disclosed.
Upon completion of the transaction, 35 professionals will join the acquirer, including 27 financial advisors with over $800m in assets under administration.
The deal will also provide a new Private Client Group branch in midtown Manhattan, Tulsa, Oklahama, and adds eight investment professionals to Wunderlich’s existing Houston office.
After completion of the transaction, anticipated on 14 December 2012, the acquirer will have 25 offices in 15 states, and over 420 associated professionals, in the US.
Founded in 1996, Wunderlich Securities provides financial advisory, brokerage, equity research and investment banking services to individual and institutional clients in the country.