(Reuters) - Regions Financial Corp (RF.N) on Wednesday announced the leadership team for its new wealth management unit, in the latest step to bring together its banking, trust, asset management and insurance businesses under one umbrella.
The move comes after Birmingham, Alabama-based Regions finished the sale of its Morgan Keegan brokerage business in April.
Since then Regions has been focused on rebuilding its own wealth management group and combining it with the bank’s existing lines of business.
“This is not something that we had to start from scratch,” said Bill Ritter, Regions’ senior executive vice president, on Wednesday. “We have a deep history in trust and private banking.”
Ritter, who heads the new division catering to individual and institutional clients, said the group plans to use its existing relationships with the bank’s clients and offer them more services in asset and wealth management.
“We’re not so much prospecting, but selling deeper into our current customer base,” he said.
Regions Wealth Management is divided into four divisions: a private wealth management unit with more than $22 billion in assets, an institutional services division with more than $50 billion in assets, as well as an investment services unit and an insurance group. The businesses operate in 16 states.
The firm’s wealth management executives, all based in Birmingham, are primarily Regions veterans with the firm.
Nick Stonestreet, a private banking veteran who spent the bulk of his career at Merrill Lynch, heads Regions Private Wealth Management. The business caters to affluent clients, which is chiefly those with $1 million to $10 million in investable assets, Stonestreet said.
Stonestreet said his plans for expanding the group’s adviser base are in line with the broader tight-knit culture at Regions.
Ken Alderman heads the institutional services division, which combines the bank’s existing asset management and corporate trust units, and caters to corporate, non-profit and governmental clients.
Jim Nonnengard leads investment services, which provides fixed annuities, life insurance and wealth transfer products to clients, while Curren Coco runs the insurance group, which offers consumer and commercial risk services.
Regions also recently hired Anne Copeland from Wells Fargo Bank’s wealth management group to manage product and client experience for the new business, while Regions veteran Mike Daniel was named chief operating officer for the group.
Reporting By Ashley Lau in New York; Editing by Walden Siew and Richard Chang