Regions Bank has ambitious growth goals for the wealth management business.

The bank projects that fee income from its trust, insurance and brokerage operations will continue to grow in the range of 10% to 12% from 2016 to 2018, John Owen, head of the bank's Regional Banking Group, said at an Investor Day Conference in New York on Thursday.

Assets under management are expected to grow in the 5% to 7% range, he said.

Owen emphasized the progress the bank has made in building out its brokerage unit, which launched in 2013 to cater to customers with $500,000 or less to invest. The unit now has $2 billion in assets and is projected to generate $30.6 million in revenue this year, almost four times the $7.7 million it generated in 2013 and a 60% jump from $19.3 million in 2014.

The unit has hired and trained 225 financial consultants and will now "pause at that number and see what the performance is," Owen said.

He anticipates continued double-digit growth in fee income from the brokerage unit, predicting that revenue will hit $38 million by the end of 2016.  "We're going to try to get more performance out of the group," he said.

Regions has also seen steady revenue growth from investments in the insurance unit, which last year produced $124 million in revenue and is projected to bring in $141 million this year and $165 million in 2016, according to Owen.

The insurance unit grew both organically as well as through what he called "lift-outs" and one acquisition. He noted that Regions will continue to invest in insurance lift-outs and acquisitions.

Overall, the wealth management business is projected to bring in $411 million in income this year, up from $367 million in 2014.  The goal for 2016 is to hit $458 million, Owen said.

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