Union Bank of California, a subsidiary of San Francisco's UnionBanCal Corp., said Thursday that its wealth management business is now part of its global markets group, which also includes the bank's asset management and brokerage units.
Mary Curran, an executive vice president with UnionBanCal and the head of the wealth management business, will report to Johannes Worsoe, a senior executive vice president and the head of global markets.
Ms. Curran will join a management team that includes Earle Malm, the chief executive of the San Francisco asset management arm, HighMark Capital Management; Steven Short, CEO of the investment brokerage subsidiary, UnionBanc Investment Services LLC; and Michael Janes, the CEO of its insurance subsidiary, UnionBanc Insurance Services Inc.
Mr. Worsoe said in a press release Union Bank will expand by having its private banking, personal trust, asset management, and brokerage businesses in one 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 has 13 private banking and personal trust offices, in California and the Pacific Northwest. HighMark Capital manages more than $21 billion of assets. UnionBanc Investment Services and UnionBanc Insurance Services offer investment and insurance products to affluent and high-net-worth individuals.
UnionBanCal, which is mostly owned by Mitsubishi UFJ Financial Group Inc., had $55.7 billion of bank assets at yearend. Union Bank has 330 U.S. branches in California, Oregon, and Washington, as well as two foreign ones.
