Sanders Morris Harris Group, a financial services holding company, has acquired a 25 percent ownership interest in iPro One, a company that provides CPA practices with investment systems and products.

Terms of the deal were not disclosed. iPro One has exclusive contracts with more than 1,000 CPA firms that provide investment products and services to clients. The company has signed letters of intent to purchase interests in CPA-affiliated advisory firms in several locations with a total of more than $1.5 billion in assets under management.

If the transactions are completed, SMHG expects its total assets under management will increase to $17.3 billion. It currently has $15.8 billion in total assets under management.

With the extra investment from SMHG, iPro One intends to expand operations by acquiring ownership interests in the revenue streams that the CPAs and financial advisors get from their pools of assets under management. iPro One anticipates signing additional letters of intent with CPA firms as it expands its acquisitions nationwide. The company also expects to offer SMHG's wealth management and financial planning services to financial advisors and their clients.

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