Regions Bank in Birmingham, Ala., has hired a former SunTrust Banks executive to join its wealth management group.

The $120 billion-asset company said in a press release Wednesday that Alan McKnight had become its chief investment officer, a newly created position. McKnight will oversee Regions' asset management strategy for private wealth and institutional clients.

McKnight previously served as a managing director and head of institutional investments at SunTrust. He has also previously worked for Wachovia Securities, Morgan Stanley and Balentine.

McKnight's "proven track record in asset management and experience providing investment management services to high-net-worth individuals, families and institutional clients make him an outstanding addition" to the division, Bill Ritter, head of Regions Wealth Management, said in the release.

Regions also tapped John Parker as its head of institutional services. Parker, a Regions veteran, succeeded Ken Alderman, who retired in February.

Regions Institutional Services delivers corporate, nonprofit, governmental and Taft-Hartley clients with investment, administrative and trustee solutions. Regions said in its release that it is the largest bank provider of funeral and cemetery trust services in the United States and the nation's fourth-largest municipal trustee bank.

"Under [Parker's] leadership, we will focus on deepening relationships with existing Regions clients and expanding our reach to meet the financial planning needs of more companies and non-profit organizations in the communities we serve," Ritter said.

The executives will report to Ritter. Regions Wealth Management, which has $81 billion in assets under administration, was created in 2011 to integrate its existing trust, private banking, asset management and insurance units into one group.

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