BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions
Bank today announced it has reached an agreement to acquire Highland
Associates, Inc., a leading institutional investment firm that provides
objective, research-driven investment counsel to not-for-profit
healthcare entities and mission-based organizations. Highland Associates
is based in Birmingham, Alabama, and advises clients throughout the
United States.
“Highland Associates has an attractive growth profile and a strong
reputation for excellence serving the not-for-profit healthcare sector,”
said John Turner, President and CEO of Regions Financial. “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.”
Founded in 1987, Highland Associates is led by credentialed advisors
with a deep understanding of the industry. With $26 billion in client
assets, the firm serves clients from offices in Birmingham, Alabama, and
St. Louis. Highland Associates President and CEO Trey Echols will
continue to lead the business and the firm will maintain its name,
leadership, employees, and investment philosophy, operating as a
subsidiary of Regions Bank and reporting through the Regions Wealth
Management Group. With $98 billion in client assets, Regions Wealth
Management combines expertise in Private Wealth, Institutional Services,
Asset Management, and Investments.
“Highland Associates has experienced significant growth over its
history, and more recently as one of the remaining specialists in
not-for-profit healthcare. Further growth with mission-based
organizations, such as foundations and endowments, over the last decade
positions us to capture substantial opportunity as our client-first
model gains momentum,” said Echols. “We find ourselves with a unique
opportunity to accelerate our plans with the capital and complementary
business model of Regions. Our founders, Charlie Perry and Bill Terry,
established an exceptional company and have an opportunity to see their
creation become a significant legacy brand. Both Highland Associates and
Regions share common cultures of integrity, putting people first, and
building deep and beneficial relationships with clients. Combining the
best of our two firms will allow us to continue delivering tailored
investment counsel for many years to come.”
The transaction close is subject to satisfaction of customary closing
conditions and financial terms are not disclosed. Maynard Cooper & Gale
served as legal advisor to Regions and Bradley served as legal advisor
to Highland Associates.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $129 billion in assets, is
a member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, and mortgage products and services. Regions serves customers
across the South, Midwest, and Texas, and through its subsidiary,
Regions Bank, operates approximately 1,500 banking offices and 2,000
ATMs. Additional information about Regions and its full line of products
and services can be found at www.regions.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190607005031/en/
Evelyn Mitchell
205-264-4551
Regions News Online: regions.doingmoretoday.com
Regions
News on Twitter: @RegionsNews
Source: Regions Financial Corporation