Union Bank Aligns Businesses in Preparation for Significant Expansion in Wealth Management
March 13 2008 - 1:37PM
Business Wire
Union Bank of California, N.A., today announced the organizational
realignment of its wealth management business into the global
markets group, which also houses the bank�s asset management and
brokerage units. The organizational realignment allows Union Bank
to execute on a major strategic commitment to expand the bank�s
wealth market presence. Executive Vice President Mary Curran, who
heads the bank�s wealth management group, will now report to Senior
Executive Vice President and head of Global Markets, Johannes
(Johs) Worsoe. Curran will join a management team that also
includes Earle Malm, senior vice president and CEO of the asset
management subsidiary, HighMark Capital Management; Steven Short,
senior vice president and CEO of the investment brokerage
subsidiary, UnionBanc Investment Services LLC; and Michael Janes,
senior vice president and CEO of the insurance subsidiary,
UnionBanc Insurance Services, Inc. �We have made this strategic
decision to greatly expand Union Bank�s already sizable wealth
management presence,� said Worsoe. �By housing our private banking,
personal trust, asset management and brokerage businesses under one
integrated group, we now have the ability to further enhance our
client facing teams and create a more seamless interface to our
high net worth prospects and clients.� Union Bank operates 13
private banking and personal trust offices throughout California
and the Pacific Northwest. The bank�s San Francisco-based HighMark
Capital Management subsidiary manages more than $21 billion in
assets. UnionBanc Investment Services LLC and UnionBanc Insurance
Services, Inc., offer a broad array of investment, life, and
personal lines insurance solutions to affluent and high net worth
individuals. Union Bank employs more than 1,000 professionals
across these businesses. �With our broad set of banking, trust,
investment and risk management solutions Union Bank has what it
takes to earn the continued trust of our wealth clients, including
business owners, executives, and professional firms,� said Curran.
�We will now have a more targeted team approach to the markets and
segments we serve, and we�ll have the ability to create a client
experience our competitors just can�t match.� The global markets
group under Worsoe also houses the bank�s foreign exchange,
derivatives, custody, corporate trust and retirement businesses.
Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank
holding company with assets of $55.7 billion at December 31, 2007.
Its primary subsidiary, Union Bank of California, N.A., had 330
banking offices in California, Oregon and Washington, and 2
international offices at December 31, 2007. The company�s Web site
is located at www.unionbank.com
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