RBC Dain Rauscher has sold the recently acquired 23-person institutional equity group of Sutro & Co. to Sanders Morris Harris, a Dallas-based investment bank, according to a report in the Wall Street Letter reports that

RBC acquired Tucker Anthony Sutro in November. According to the WSL, it decided to cut Sutro’s institutional sales, trading and research arm, and gave it until January 2 to find a buyer. It reports that six banks tried to woo Los Angeles-based Sutro, and that Sanders Morris Harris won because it offered to retain the entire team.

Tom Juda, who ran the institutional equity group at Sutro, will run the combined unit, which will include 42 analysts, salespeople and traders from Sanders Morris Harris’ Dallas office in addition to Sutro’s own team. As a result of the deal, Sanders Morris Harris will now cover entertainment, media, regional banks, other financial services, satellites and wireless.