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Sanders Morris Harris launches fixed-income unit in New York
By Jennifer Chiou
New York, Jan. 10 - Sanders Morris Harris Group Inc. announced it established an expanded fixed-income unit with headquarters in New York.
According to a news release, the new branch broadens the firm's debt offerings and complements its investment banking operations to provide services that include non-investment grade debt.
Managing director William Sprague said that Sanders Morris Harris capitalized on a unique opportunity following Merrill Lynch's acquisition of Advest Group assets from AXA Financial.
"A complete 30-person fixed income team chose to join Sanders Morris Harris, giving us the nucleus that we plan to expand in the months ahead," Sprague said in the release.
"We are excited about being able to offer these expanded capabilities to our growing list of corporate clients.
"This fixed-income capability makes us complete in terms of basic product offerings," Sprague added in the release.
In addition to New York, Sanders Morris Harris added that it is establishing fixed-income operations in Boca Raton, Fla., Boston, Chicago, Cleveland and San Francisco.
Frank Sinatra, a managing director who joined Sanders Morris Harris from Advest, noted that the new team has extensive experience from firms, such as Prudential, Wachovia, McDonald & Co., Bear Stearns, HSBC, Dillon Read and Kidder Peabody.
"This is not a neophyte team," Sinatra said in the release. "We're offering first-class service and products in high-yield debt, mortgages, government agencies, high-grade corporate bonds and preferred stock."
Houston-based Sanders Morris Harris is a financial services holding company with operating entities that provide investment banking services, including underwriting of private placements and public offerings of equity and debt securities.
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