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.

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