The brokerage unit of San Francisco-based Unionbancal Corp. plans to launch an asset allocation wrap account this month.

Lifetime Advantage will let customers choose from six fund groups on the basis of their investment objectives and risk tolerance, said Richard W. Smiley, president of UBOC Investment Services Inc. of Los Angeles.

The brokerage offers a wrap product that includes only the Highmark Funds, the bank's proprietary fund family. "We wanted to create an expanded version of that," Mr. Smiley said.

Investors can choose funds from Highmark, Fidelity Investments, Van Kampen American Capital Distributors Inc., Federated Investors, and Massachusetts Financial Services.

The fee starts at 1.5% of assets and goes as low as 0.75%, Mr. Smiley said. Brinker Capital of Radnor, Pa., is the investment adviser, and the clearing broker is Fidelity Investments Institutional Brokerage Group of Boston.

Unionbancal is mostly owned by Bank of Tokyo-Mitsubishi Ltd.

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