Regions Bank has agreed to acquire Highland Associates, Regions Bank said in a news release.
Financial terms of the deal were not disclosed.
Highland Associates is an institutional investment firm with $26 billion in client assets. Its president and CEO, Trey Echols, will continue to lead the business. The firm will operate as a subsidiary of Regions Bank and maintain its name, leadership team, employees, and investment philosophy. Highland will also retain its offices in Birmingham, Ala., and St. Louis.
"Highland Associates has an attractive growth profile and a strong reputation for excellence serving the not-for-profit health-care sector," said John Turner, president and CEO of Regions Financial in a news release announcing the deal. "The addition of Highland Associates complements our existing asset management and healthcare banking practice areas and will enable us to provide additional capabilities to meet client needs while also diversifying our business."
The transaction is expected to close during the second half of 2019.
Regions Wealth Management Group had $98 billion in assets under management and advisement as of March 31.