In Brief: Regions Sells Advisory Arm to Circle Peak
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Regions Financial Corp. of Birmingham, Ala., has sold an advisory unit of its investment bank, Morgan Keegan & Co. Inc., to a New York private equity firm.
A spokesman for Regions said it sold the unit, WealthTrust Inc. of Nashville, to Circle Peak Capital LLC on Monday. He would not say how much Circle Peak paid.
WealthTrust manages more than $6.5 billion of assets. It provides wealth management services to high-net-worth families, individuals, and institutions through 10 affiliated firms.
This month Regions bought AmSouth Bancorp. of Birmingham, increasing its assets to $142 billion.
