Sanders Morris Harris Group Inc. of Houston announced Monday it signed a definitive agreement to buy a majority stake in Global Financial Services LLC, a Houston wealth manager.

The price of the acquisition of the 50.1% stake in Global Financial was not disclosed.

Global, which was founded in 1994, has approximately $4 billion of client assets under management. The firm, which manages assets for international families and corporations, is led by Robert C.A. Benjamin, Gerardo A. Chapa and Ricardo Perusquia, who will collectively continue to own 49.9% of the firm and serve on its board of managers.

George L. Ball, Sanders Morris’ chairman and chief executive officer, said his firm knows the principals “well” and “we look forward to working together with them to significantly grow their business, broaden their investment scope, and achieve cost efficiencies."

Chapa, Global’s managing director, said, "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. Additionally, by consolidating certain administrative functions under Sanders Morris Harris, we will have more time to devote to serving our clients."

The acquisition will give Sanders Morris more than $16 billion in client assets under management. Ric Edelman, the company’s president, said the acquisition is “part of our previously announced program to expand our organization. The transaction complements the growth of Edelman Financial Services and our other high net worth businesses, and our investment and operational capabilities will enable us to support the plans of Global Financial Services' management."

The deal is expected to close in December.

Sanders Morris has $12.1 billion in client assets under management.