Union Bank of California
has expanded the online services it offers to institutional clients, with the introduction of online mutual fund trading. The trust organization, which administers more than $209 billion in assets, announced this expansion of capabilities on Wednesday.
, senior vice president at UBoC, said the bank benefited from bringing its online services in-house in 2004. “We enhanced it and gave it robust, front-end, real-time access,” he explained. The move brought an increase in online activity among clients, as well as positive feedback on navigability.
Following these improvements to online services, mutual fund trading was “a key feature to bring to our client base,” Boyle said.“Even the telephone is becoming antiquated, compared to the Web ... [now clients] can move out of a Fidelity fund into a BlackRock fund, with two clicks of a button.” Boyle notes an increasing volume of internet transactions, especially in the 401(k) space, and suggests users value the visual aspect of online trading: “People can see what they’re doing.”
Historically a regional bank, UBoC has become a notable player on the national market in recent years, particularly since its purchase of CNA Trust
in 2004. It is one of the few banks now actively investing in the institutional retirement industry.
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