The financial terms of the transaction were not disclosed.

Louisiana- and Texas-based Whitney Bank (also known as Hancock Whitney), the banking subsidiary of Hancock Holding Company, has agreed to acquire the bank-managed high net worth individual and institutional investment management and trust business from Capital One Bank US, National Association, a banking subsidiary of Virginia-headquartered Capital One Financial Corporation.

The transaction is expected to close during the second quarter of 2018, after regulatory approval and the satisfaction of other customary closing conditions, the firm said in statement. Financial terms of the transaction were not disclosed.

The bank said the deal will make Hancock Whitney a top 50 trust firm, by revenue, in the US with combined annual revenue of approximately $70-$75 million, assets under administration of approximately $26 billion, and assets under management of approximately $10 billion. Hancock Whitney had approximately $16 billion in assets under administration and $6 billion in assets under management at September 30, and reported trust fees of $33.5 million for the nine months ended September 30.

"This transaction is an excellent strategic fit with our existing Hancock Whitney wealth management group, and illustrates the type of largely in-market, low-risk business deals we prefer under our current M&A strategy," said John Hairston, president and chief executive of Hancock Whitney. "As a complement to our current lines of business for individuals and institutions, we believe Hancock Whitney will have one of the most talented teams of advisors located in wealth management offices across the Gulf South, with the opportunity to help improve our strategic goal of enhancing noninterest income as a percent of revenue."

The transaction helps to round out a busy M&A year in North American wealth management across a number of fronts. In November, for example, Iowa-based Heartland Financial USA agreed to acquire Minnesota-headquartered Signature Bancshares, parent of Signature Bank - which provides private banking and other services - for about $53.4 million, based on closing stock prices on November 10. Signature Bank is a commercial and private bank, headquartered in Minnetonka, MN. In October, Financial services firm Stifel Financial Corp has entered into an agreement to acquire Ziegler Wealth Management, a subsidiary of BC Ziegler & Company. In another part of the wealth space, Tiedemann Wealth Management, a New York-based wealth advisor with about $12 billion in assets under advisement, agreed to buy Seattle-headquartered Threshold Group, a wealth-advisory firm and family office with $3.4 billion in assets under management.

Among some other recent M&A deals in wealth management are those of Associated Banc-Corp, which earlier in October agreed to acquire Whitnell & Co, a wealth management and multi-family office services firm based in Oak Brook, Illinois. The transaction is due to complete in November. California-headquartered Mercer Advisors, meanwhile, acquired a financial planning and investments firm, Ray Mignone Associates, with $290 million of assets under management. In September, Canadian Imperial Bank of Commerce completed its acquisition of a Chicago-based private wealth management firm, Geneva Advisors. Consolidation and M&A are driven by forces such as a need for economies of scale in an increasingly regulated sector, with demands from clients for more digital and sophisticated offerings also requiring more scale.

Hancock Holding Company is a financial services company with regional business headquarters and locations across the Gulf South. The company's banking subsidiary provides comprehensive financial products and services through Hancock Bank locations in Mississippi, Alabama, and Florida, and Whitney Bank locations in Louisiana and Texas.