Union Bank has added Michael Mortensen as the CEO of company’s brokerage subsidiary, UnionBanc Investment Services (UBIS), in a bid to grow and strengthen the firm's wealth-related lines of business.
He will report to Union Bank executive vice president and head of wealth markets Dennis Mooradian, who also serves as chairman, president and chief executive officer of HighMark Capital Management, Union Bank’s asset management subsidiary, the bank said.
Mortensen, most recently worked as president and chief executive officer of PNC Investments, the full-service, retail brokerage division of the PNC Financial Services.
Before serving as president and chief executive officer of PNC, Mortensen joined the firm in 1994 as a market director, and was appointed as president and chief executive officer of the retail brokerage division in 1997.
Prior to PNC, he was a regional vice president for Essex, a third-party marketer of financial products for banks, where he shepherded the annuity sales program of First Interstate Bank of California.
Union Bank’s brokerage subsidiary UBIS offers a wide spectrum of investment and insurance services to individuals, corporations and institutions.
Headquartered in San Francisco, UnionBanCal had assets of $87.9bn at 30 June 2012 and its primary subsidiary, Union Bank caters financial services to individuals, small businesses, middle-market companies, and major corporations.