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Alabama-based Sterne Agee Group, a privately-owned investment banking and brokerage firm, has launched a family office practice within its trust unit, The Trust Company of Sterne Agee.

The new division, called the wealth and estate management group, was set up to deal with complex financial needs and will aim to take a “multigenerational approach to family governance, wealth transfer strategies, investment management, risk management, philanthropy and financial management,” the firm said.

The group will be led by Hanson Slaughter, executive managing director, working with Ann Haas and Barry McRae, both managing directors. The team will provide a single point of contact for all wealth and estate matters for its clients, Slaughter said.

“The addition of the wealth and estate management group brings a new dynamic to Sterne Agee,” said Jim Holbrook, chairman and CEO of Sterne Agee Group, adding that it would allow the firm to “better serve clients whose needs go beyond traditional brokerage services.”  

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