Financial adviser Ric Edelman, the popular syndicated radio talk show host and author, has been appointed president of Houston-based Sanders Morris Harris Group Inc. as part of a deal to increase its holdings in his firm.
Investment firm Sanders Morris will pay $25 million in cash and will issue a promissory note for an additional $10 million, payable within a year, to Fairfax, Va.-based Edelman Financial Advisors LLC, thus increasing its stake in the firm to 76%, from 66%, according to a Jan. 30 filing with the Securities and Exchange Commission.
The deal will also increase Sanders’ holdings in an affiliated firm, Edelman Financial Services LLC, to 76%, from 51%.
Mr. Edelman will stay at the helm of EFS at least through May 2013, according to a statement from the firm, and will retain a 24% stake in Edelman’s financial companies, which have a combined $3.2 billion in assets under management.
At Sanders, he replaces Robert Garrison as president. Mr. Garrison will become chairman of the firm’s executive committee.
Meanwhile, SMH chairman George Ball will become chief executive of the firm, succeeding Benjamin Morris, who is set to retire at its annual meeting in May.
The firm has approximately $8.6 billion in assets under management.
Mr. Edelman’s books include “The Lies About Money” and “The Truth About Money.”
His radio program, “The Ric Edelman Show,” is heard on ABC Radio Networks.
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