Union Bank of California has completed the acquisition of the trust and recordkeeping business portfolio of California-based CNA Trust Company (CNAT), a provider of retirement plan trust and outsourcing services to the institutional marketplace. The agreement to acquire CNAT’s portfolio was announced in May 2004 and has now received regulatory approval. Terms of the agreement were not disclosed.
CNAT’s trust, recordkeeping, marketing and client management functions have been integrated with those of Union Bank of California. The combined operations now form a new Union Bank of California division named TruSource, Trust Outsourcing Partners. TruSource will continue to serve as a distribution channel that specializes in the delivery of retirement plan services on behalf of insurance companies, mutual fund families, broker – dealers and other financial institutions that offer 401(k) and other retirement plan services.