Regions Bank has hired a chief investment officer to oversee asset management for the Wealth Management Group, the Birmingham, Ala.-based bank announced Wednesday.

Regions snagged Alan McKnight from SunTrust Bank to fill the newly created position. He will develop asset management strategies to meet the needs of institutional and high-net-worth clients.

According to Evelyn Mitchell, a spokesperson for Regions Financial, the new role was created to ensure a consistent approach to asset and investment management across all wealth management business groups.

While at SunTrust, McKnight was managing director and head of Institutional Investments. He began his career as a sell-side analyst with Wachovia Securities covering the specialty retailing sector and later served as large-cap growth portfolio manager at Morgan Stanley, according to Regions.

In addition, the bank tapped John Parker, a private wealth executive for the Mid-America region, to lead Regions Institutional Services, one of the four groups that make up Regions Wealth Management. Parker succeeds Ken Alderman, who retired from Regions in February after a 33-year career with Regions.

Parker began his banking career in 1987 as a trust officer and later was named regional manager for Trust, Private Banking and Brokerage. In 1998, he was named Trust Group director, followed by wealth management area manager for Trust, Asset Management, Private Banking and Brokerage.

Both McKnight and Parker will report to Bill Ritter, head of Regions Wealth Management.

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