Pacific Alliance, the investment management division of Union Bank of California, San Francisco, is looking to establish an international reach.

Sometime next year Pacific will look to establish an offshore fund company, said its president, Clark Gates.

Pacific Alliance eventually will be involved in institutional portfolio management and mutual funds abroad, Mr. Gates said. The bank is exploring Luxembourg and Dublin-the two largest centers for offshore funds in Europe- as domiciles, he said.

The company already has some international experience. Last January, it was hired to manage a $30 million U.S. equity portfolio for an Australian institution, National Mutual Funds Management.

Pacific got involved with the Australian company through an existing relationship with French insurer AXA Group, which owns shares of National Mutual, Mr. Gates said.

Pacific Alliance also acts as a subadviser on a fund managed by one of Unionbancal's sister companies, Tokyo-Mitsubishi Asset Management in Tokyo, he said. Both are affiliated with Bank of Tokyo-Mitsubishi Ltd.

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