Union Bank, San Francisco, introduced an asset management account through its brokerage subsidiary, UB Investment Services Inc.
Portfolio Connection bundles asset allocation and traditional banking services. It is the first account of its kind offered by a West Coast bank.
Customers can access money market funds from Union's proprietary Stepstone family of funds and other mutual funds, stocks, fixed-income securities, and unit investment trusts.
The account also facilitates checking, ATM access, and borrowing. The bank settled on a required opening balance of $10,000 because that is "the kind of customer we're looking for," a Union spokeswoman said, adding that the bank anticipates 1,000 customers for the product by the end of the year.