Hancock Whitney, a Gulfport, Mississippi-based bank holding company, will move clients and the registered representatives in its retail securities business to Cetera Financial Group’s financial institutions business.
Under Cetera, the operations of Hancock Whitney Investment Services, a registered broker-dealer and an SEC-registered investment adviser, will transition to Cetera, operating under the name Hancock Whitney Financial Consultants. The bank’s existing broker-dealer will remain in place for corporate and municipal underwriting.
The bank said that the switch does not affect the company’s trust and asset management division, which manages $10 billion and administers $27 billion in assets, and ranks among the top 25 largest fiduciary firms in the country.
In releases from Cetera and Hancock Whitney, neither firm disclosed the size of the assets managed or advised by Hancock Whitney Investment Services. The transition is to become effective in the second half of the year, Hancock Whitney said.
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