As we reported Friday in our November Money Fund Intelligence, Union Bank has upgraded its online money market fund trading portal and entered the portal custody business with the launch of Union Bank Moneyport (www.unionbankmoneyport.com). Monday's press release says, "Union Bank, N.A., announced today the launch of Union Bank MoneyPort -- an upgraded version of its Institutional Money Market Portal -- that features a secure online environment with enhanced web offerings and functionality for Institutional Trust & Custody clients."
It continues, "In launching MoneyPort, Union Bank collaborated with Cachematrix, a vendor with a proven track record in money funds technology. Through the portal, clients can quickly select and trade money market funds offered by 30 globally recognized money managers, and more than 250 short-term investment vehicles. These short-term vehicles available to U.S. institutional investors encompass a complete suite of domestic 2a-7 money funds and Union Bank depository products. Additionally, foreign or offshore money funds may be made available to qualified non-U.S. institutional clients."
Union Bank Senior Vice President Marianne Bamonte says, "The upgrades now available on Union Bank MoneyPort incorporate a broader array of money market vehicles including multiple currency options, flexible trade authorization controls, a customizable investment compliance module, real-time trade confirmations, and treasury workstation compatibility." Union Bank Portal Services Manager Liz Hamilton adds, "With MoneyPort, institutional custody clients can keep their organization's money fully invested and diversified -- all within a secure online environment."
Finally, the release says, "Prior to its recent upgrade to MoneyPort, Union Bank's Institutional Money Market Portal provided online trading services to money markets for institutional custody clients with combined assets totaling $6.3 billion. With the upgrade, the bank hopes to appeal to existing clients as well as prospects who are seeking opportunities to maximize earnings, manage portfolio diversification, and save administrative time."
See our interview with Union Bank's Marianne Bamonte, "MM Portal Makeover: Union Bank's MoneyPort," in this month's MFI. (To request a copy, e-mail pete@cranedata.us.) Finally, see Cachematrix's press release from this morning here.
