CHARLOTTE, N.C. - First Union Securities said Tuesday that it has restructured its investment banking business lines under a new group that will monitor products for its customers who invest online.
The new financial services investment banking group will combine four divisions: specialty finance, insurance, e-finance, and asset management.
The insurance division includes insurance brokerage and alternative distribution, life and health, property and casualty, reinsurance, insurance technology and services, and third-party administrators.
E-finance includes online insurance and lenders, online marketplaces, and financial service technology enablers. The specialty finance division covers consumer finance, credit cards, diversified commercial finance, leasing, and mortgage finance.
The new head of the division, Bob Grunewald, said First Union Securities wants to focus on delivering value-added services.
"Financial services are rapidly moving online and we are particularly well positioned to assist both our e-finance and traditional financial service clients in developing their Internet strategies," Mr. Grunewald said.