Hancock Holding Co. unit Whitney Bank agreed to buy Capital One NA's bank-managed high-net-worth individual and institutional investment management and trust business.
Financial terms of the deal were not disclosed in the press release announcing the sale. The transaction is expected to close in the second quarter of 2018.
Whitney had approximately $16 billion in assets under administration and $6 billion in assets under management at Sept. 30 and reported trust fees of $33.5 million for the nine months ended Sept. 30. The combination would create an asset manager with $70 million to $75 million in revenue, $26 billion in assets under administration, and $10 billion in assets under management, the release stated.
The company will maintain a New York City metro area presence, and a "significant portion" of the business that Whitney will acquire is in east Texas and Louisiana, the release added.
Morgan Stanley & Co. LLC is financial adviser to Whitney, and Alston & Bird LLP is its legal adviser.