Pinnacle Global Group Inc. said Wednesday that it had agreed to acquire Sanders Morris Mundy, a privately owned investment bank, for $40 million.

Pinnacle, a $136.4 million-asset financial services holding company, said it would merge private equity specialist Sanders Morris with its five-year-old retail brokerage and investment bank, Harris Webb & Garrison. The new entity, to be named Sanders Morris Harris, would be the largest Texas-owned and Texas-based investment bank, Pinnacle said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.